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A. V. SESHA SAI, DUPPALA VENKATA RAMANA
Kanigiri Jaya Sri – Appellant
Versus
Debt Recovery Tribunal – Respondent
ORDER :
1. Heard Sri G. Arun Showri, learned counsel for the petitioners and Sri Sridhar Veliveti, learned Standing Counsel for the respondent-bank, apart from perusing the material on record.
2. In the present Writ Petition, the challenge is to the order dated 12.12.2022 passed by the Debts Recovery Tribunal, Visakhapatnam, in IR(SA) No. 6315 of 2022 in SA (UN) of 2022.
3. According to the learned counsel for the petitioners, they are the children of one Sri K. Srinivasa Rao and grand children of one Sri K. Nageswara Rao and the petitioners’ grandfather died intestate in the year 2005. It is further stated that the estate of the grandfather is managed by the father of the petitioners and there is no partition among the family members. It is further averred that after the death of the grandfather of the petitioners, the father of the petitioners and his brother started cotton business under the name and style M/s KNR Cotton Enterprises in the year 2006 with the income generated from the joint family properties and incurred huge loss in the business. It is further stated that the joint family properties are also mortgaged with the 1st respondent-bank and the father of the petitioners a
The main legal point established in the judgment is that when an alternative remedy is available to challenge an order under the SARFAESI Act, the instant writ petition is not maintainable.
Legal heirs may seek redress in Securitisation Applications under SARFAESI Act, but cannot maintain parallel proceedings in High Court.
The High Court should not interfere in matters arising under the SARFAESI Act when an effective alternative remedy is available, reinforcing the principle of exhausting statutory remedies before seek....
Non-compliance with Tribunal orders leads to rejection of appeal; writ petition dismissed with liberty to approach Tribunal upon compliance.
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