M/S.Gaurav Exportrades (P) Ltd., v. Tamil Nadu Mercantile Bank Ltd.,
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 23.06.2023
CORAM
THE HON'BLE MR.JUSTICE S. VAIDYANATHAN AND THE HON'BLE MR. JUSTICE K. RAJASEKAR & W.M.P. No. 17397 of 2023 1.M/s. Gaurav Exportrades (P) Ltd., A Private Limited Company, incorporated and Registered under the Companies Act, 1956, having its Registered Office, at No. 114/2, Nesavalar Colony, Alegesan Main Road, Saibaba Colony, Coimbatore 641 011 rep. by its Managing Director Mr.Mahesh Gupta
2. Mahesh kumar Gupta, Managing Director, M/s. Gaurav Exportrades (P) Ltd., Residing at No.44, Bharathi Park, 6th Cross, Saibaba Colony, Coinbatore 641 011.
..Petitioners Vs.
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1. Tamil Nadu Mericantile Bank Ltd., Registered Office at No.57, V.E. Road, Thoothukudi 628 002, rep.by its General Manager - Recovery.
2. The Authorized Officer, Tamil Nadu Mercantile Bank Ltd., No.364, Dr. Nanjappa Road, Opp. VOC Park, Coimbatore 641 018.
..Respondents Prayer:
Petition under Article 226 of the Constitution of India praying for issue of a Writ Cetiorari to call for the records pertaining to the impugned sale notice dated 02.06.2023, issued by the 2nd respondent, fixing auction sale on 02.06.2023 at the place of the 2nd respondent and quash the same as illegal and consequently direct the 1st respondent to consider the OTS proposal dated 24.03.2023.
For Petitioners ::
Mr.V. Jayachandran
O R D E R
(By S. Vaidyanathan,J.) The writ petition has been filed for issue of a Writ of Certiorari to call for the records pertaining to the impugned sale notice dated 02.06.2023 issued by the 2nd respondent fixing the auction sale on 02.06.2023 at the place of the 2nd respondent and quash the same as illegal and consequently 2\4
direct the 1st respondent to consider the OTS proposal dated 24.03.2023. 2.
Admittedly, as against the notice issued by the 2nd respondent under Section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI' Act in short), the petitioners have got an effective alternate remedy by way of statutory appeal under Section 17 of SARFAESI Act before the Debts Recovery Tribunal. There are a catena of judgments holding that High Courts cannot be alternative remedial Courts in such S. VAIDYANATHAN,J.
AND K. RAJASEKAR,J.
nv matters. Hence, we are not inclined to grant the relief sought by the petitioners and the writ petition stands dismissed with liberty to the petitioners to approach the appropriate forum. No costs. Connected W.M.P. is closed.
(S.V.N.J.) (K.R.S.J.) 3\4
nv 23.06.2023 To
1. Tamil Nadu Mericantile Bank Ltd., Registered Office at No.57, V.E. Road, Thoothukudi 628 002, rep.by its General Manager - Recovery.
2. The Authorized Officer, Tamil Nadu Mercantile Bank Ltd., No.364, Dr. Nanjappa Road, Opp. VOC Park, Coimbatore 641 018.
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