The main legal point established in the judgment is that the availability of an alternative remedy under the provisions of the SARFAESI Act renders a writ petition not maintainable.

ORDER

1. Although, the matter come up on an application No.1/2022 but, with the consent of learned counsels for the respective parties, the writ petition was heard on its merit at this stage.

2. This writ petition has been filed by the borrowers for quashing the order dated 15.03.2022 passed by the Chief Metropolitan Magistrate, Jaipur Metropolitan-I in Civil Miscellaneous Case No.164/2022 (CIS No.168/2022) under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity, 'SARFAESI Act') with a further direction to the respondent to grant them benefit of moratorium.

3. With regard to maintainability of the writ petition despite availability of an efficacious and alternative remedy under the provisions of the SARFAESI Act, learned counsel for the petitioner, relying upon a judgment of Hon'ble Apex Court of India in case of Harshad Govardhan Sondagar Vs. International Assets Reconstruction Company Limited and Others; (2014) 6 SCC 1, submitted that remedy of appeal is not available to them against an order passed under Section 14. He submitted that in view of existence of an arbitration clause in the loan agreement and filing of an application under Section 9 of the Arbitration and Conciliation Act, 1996 (for brevity, 'the Act of 1996') by the respondent, the respondent could not have resorted to the provisions of Section 14 of the SARFAESI Act. In this regard, he placed reliance upon judgments of Hon'ble Apex Court of India in the cases of SBP & Co. Vs. Patel Engineering Ltd. & Another; (2005) 8 SCC 618 & Vidya Drolia & Ors. Vs. Durga Trading Corporation; 2021 (1) WLC (SC) Civil 257. He, therefore, prayed that the writ petition be allowed and the order impugned dated 15.03.2022 be quashed and set aside.

4. Per contra, learned counsel for the respondent submitted that the writ petition is not maintainable as the petitioners have an alternative and efficacious remedy under Section 17 of the SARFAESI Act. He submitted that a co-ordinate Bench of this Court has, vide its order dated 14.02.2022 passed in S.B. Civil Writ Petition No.9054/2021; M/s Shree Balaji Enterprises Vs. Authorized Officer & other connected matters involving identical controversy, dismissed the writ petitions on account of availability of alternative and efficacious statutory remedy under the SARFAESI Act and the same was upheld by a Division Bench of this Court vide its order dated 21.02.2022 while dismissing the D.B. Special Appeal Writ No.406/2022; M/s Shree Balaji Enterprises Vs. Authorized Officer. He further submitted that in view of judgments of Hon'ble Supreme Court of India in the cases of M.D. Frozen Foods Exports Pvt. Ltd. & Ors. Vs. Hero Fincorp Ltd. in Civil Appeal No.15147/2017 dated 21.09.2017 & Indiabulls Housing Finance Limited Vs. M/s. Deccan Chronicle Holdings Limited & Ors. in Civil Appeal No.18/2018 dated 23.02.2018, objection of the petitioner as to maintainability of proceedings under SARFAESI Act in view of arbitration clause, is not sustainable. He, therefore, prayed for dismissal of the writ petition.

5. Heard. Considered.

6. In case of M/s Balaji Enterprises and other connected matters (supra) involving identical controversy, a co-ordinate Bench of this Court has dismissed the writ petitions on account of availability of remedy to the petitioners under the SARFAESI Act. It was held as under:

'These writ petitions filed by the petitioners deserves to be dismissed for the reasons; firstly, the petitioners are having alternative efficacious statutory remedy under the SARFAESI Act, 2002; secondly, the guidelines issued by the R.B.I. can be very much looked into by the Debts Recovery Tribunal as well as by the banks while examining the reply if submitted by the petitioners against the notices served upon them and lastly in the facts and circumstances in view of the judgment passed by the Hon'ble Supreme Court in the matter of I.C.I.C.I Bank Limited as well as the Pheonix India