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2016 DIGILAW 408 (GAU)

Kamakshi Ispat Private Limited & Anr. v. IDBI Bank Limited & 4 Ors.

2016-05-11

AJIT SINGH, SUMAN SHYAM

body2016
Ajit Singh; CJ.:-- 1. Heard on admission. 2. By this petition the petitioners have prayed for quashing of notice dated 3.5.2016 issued by the Respondent Bank under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the Act’). 3. Petitioner No. 1 is a Private Limited Company and petitioner No. 2 is one of its Directors. Petitioners had availed credit facilities from the Respondent Bank. On 17.6.2015, the Bank issued a notice to them under Section 13(2) of the Act demanding payment of Rs. 4,44,51,483/-. But the petitioners did not reply to this notice within the stipulated period of two months. In the result, the Bank issued the impugned notice to the petitioners under Section 13(4) for taking possession of the secured assets. 14. Section 17 of the Act clearly provides remedy to the petitioners before the Debts Recovery Tribunal having jurisdiction. In the considered opinion, petitioners, therefore, must resort to remedy available to them under Section 17. 5. For this reason, we find no justification to entertain the present petition. It is, accordingly, dismissed summarily.