The court established that when an alternative remedy exists under a specific statute, the writ jurisdiction should not be exercised, emphasizing the importance of statutory frameworks in debt recovery.

ORDER

1. Since a common question of law is involved in all these writ petitions, they are decided together. The facts of the writ petition No. 13107/2019 is taken into consideration for convenience of this Court.

2 .A prayer has been made by the petitioners in S.B. Civil Writ Petition No.13107/2019 read as under:-

"(a) The order dated 25.06.2019 (Annexure-06) may kindly be quashed and set aside;

(b) The respondent UIT may be ordered to regularize the property of the petitioners in accordance with the UIT Disposal Rules, 1974.

(c) The respondents may be directed not to interfere with the possession of the petitioners with respect to the property in question;

(d) Any other appropriate writ or order or direction which is favourable to the petitioners in the facts and circumstances of the case may kindly be granted to the petitioners.

(e) Costs of the litigation be allowed in favour of the petitioners".

3. Learned counsel for the petitioners submits that by this writ petition the petitioner has challenged the order dated 25.06.2019, passed by the Debt Recovery Tribunal, Jaipur, whereby, the D.R.T. directed as under:-

"Defendants are hereby restrained from transferring alienating giving possession or otherwise dealing with, or disposing off, in any matter whatsoever of abovementioned immovable properties".

4. Brief facts of the case are that respondent No.2 to be referred as Indian Overseas Bank filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (tobe referred as Act of 1993) and along with the application they have also filed stay application.

5. Learned counsel for the petitioners submits that the Debt Recovery Tribunal has no jurisdiction to entertain the application. Counsel further submits that the petitioners are not party before Debt recovery Tribunal and the petitioners have received the property by way of gift deed, therefore, only the civil court has jurisdiction to cancel the gift deed.

6. Learned counsel relied upon the the judgment of Hon'ble Supreme Court in the matter of Authorized Officer, State Bank of Travancore & Anr. Vs. Mathew K.C. (2018) 3 SCC 85, wherein in Para No.15 it has been held as under:-

"15. It is the solemn duty of the court to apply the correct law without waiting for an objection to be raised by a party, especially when the law stands well settled. Any departure, if permissible, has to be for reasons discussed, of the case falling under a defined exception, duly discussed, of the case falling under a defined exception, duly discussed after noticing the relevant law. In financial matters grant of ex parte interim orders can have a deleterious effect and it is not sufficient to say that the aggrieved has the remedy to move for vacating the interim order. Loans by financial institutions are granted from public money generated at the taxpayer's expense. Such loan does not become the property of the person taking the loan, but retains its character of public money given in a fiduciary capacity as entrustment by the public. Timely repayment also ensures liquidity to facilitate loan to another in need, by circulation of the money and cannot be permitted to be blocked by frivolous litigation by those who can afford the luxury of the same. The caution required, as expressed in Satyawati Tondon, has also not been kept in mind before passing the impugned interim order: (SCC pp. 123-24, para 46).

"46. It must be remembered that stay of an action initiated by the State and/or its agencies/ instrumentalities for recovery of taxes, cess, fees, etc. seriously impedes execution of projects of public importance and disables them from discharging their constitutional and legal obligations towards the citizens. In cases relating to recovery of the dues of banks, financial institutions and secured creditors, stay granted by the High Court would have serious adverse impact on the financial health of such bodies/institutions, which (sic will) ultimately prove detrimental to the economy of the nati