Sureshchandra Nagindas Shah v. Kotak Mahindra Bank Ltd. And ORS.

wp11651 ssp FARAD CONTINUATION SHEET No.

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

CIVIL APPELLATE JURISDICTION WRIT PETITION NO.11651 OF 2014 Office Notes, Office Memorandam of Coram, appearances, Court's orders or directions and Registrar's orders Court's or Judge's orders Mr.Vivek Phadke i/b manish Gitay for the Petitioner Mr.Sanjay Ambhawane for the Respondent No.1 CORAM : A.S.OKA, & C.V.BHADANG,JJ.

DATE : FEBRUARY 18, 2016.

P.C.:

.

Not on board. Taken on board.

Heard the learned counsel for the petitioner. The challenge is to the order dated 7th November 2014 passed by the learned Chief Metropolitan Magistrate, Mumbai under section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "the said Act of 2002"). When a query was made by the Court, the learned counsel states that the petitioner is willing to pay lumpsum amount of Rs.2 crores but at present, the petitioner is not in a position to pay any amount.

wp11651 In view of availability of efficacious statutory remedy, writ petition is disposed of by granting liberty to the petitioner to adopt appropriate remedy under the said Act of 2002. All contentions on merits are kept open.

(C.V.BHADANG,J.) (A.S.OKA,J.)