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2016 DIGILAW 464 (GAU)

Bhabani Traders v. UCO Bank of India and others

2016-05-25

AJIT SINGH, SUMAN SHYAM

body2016
Ajit Singh, C.J.:-- B. Chakraborty, learned counsel for the petitioner. 2. The petitioner is a borrower and is under a liability to secured creditor (respondent Bank) under a security agreement. The petitioner has made default in repayment of secured debt and its account in respect of such debt is classified by the secured creditor as non-performing asset. The secured creditor has, therefore, taken recourse to one of the measures enumerated in Section 13(4) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (for short 'the Act') to recover the secured debt. It is in this background, the petitioner has rushed to this Court. The petitioner has an alternative remedy of appeal before the Debts Recovery Tribunal under Section 17 of the Act. 3. Having regard to the aforesaid alternative remedy available to the petitioner, we find no good ground to entertain the petition. It is accordingly dismissed. --------