Court confirmed that the borrower has alternative remedies under the NPA Act despite alleging procedural irregularities by the Bank.

1. The petitioner has filed this petition under Art.226 of the Constitution of India for the following relief(s) :
A. A writ and / or an order in the nature of writ of mandamus do issue commanding and directing the respondent Bank authorities to produce before this Hon'ble Court all the relevant records for perusal of this Hon'ble Court.
B. A writ and / or an order in the nature of writ of mandamus do issue commanding and directing the respondent Bank authorities to act in consonance with the law laid down in Para 45 of the Mardia Chemicals Ltd. 's case, AIR 2004 SC 2371 and strictly in accordance with S.13 (2) and (4) of the Act and the R.3 - A and 4 of the Rules, 2002, as amended up - to - date, and prohibiting the respondent Bank authorities from taking possession of the said shops and movables since pre - conditions for exercise of those powers have not been followed by the authorities.
C. A writ and / or an order in the nature of writ of certiorari do issue quashing the decision of respondent No. 2 Committee dated 5-10-2007 and also the order of the respondent No. 3 Collector dated 11-2-2008 as illegal, arbitrary and not in accordance with law in the facts and circumstances of the case.
D. Cost of proceedings.

2. Briefly stated, facts necessary for decision of this petition are that the respondent / Bank issued a notice dated 4th January 2007 (Annexure P / 2) under S.13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the "NPA Act") calling upon the petitioner (guarantor to M/s Alankar, a unit of Verma Jewellers Group Pvt. Ltd.) to repay the loan advanced to him to the tune of rupees two crore ten lac twenty three thousand with further interest thereon, failing which the Bank as a secured creditor shall be entitled to enforce its security interest without intervention of the Court or Tribunal by taking recourse to one or more of the measures under Chapter - 3 of the Act including taking over of the possession or management of the assets charged to the Bank for realizing the Bank's dues.

3. The petitioner in his reply had taken a preliminary objection that the Bank authorities have not constituted a committee as per law laid down by the Hon'ble Apex Court in the matter of Mardia Chemicals Ltd. , AIR 2004 SC 2371 . However, the Bank authorities filed an application before the District Magistrate for exercising powers under S.14 of the NPA Act. The petitioner challenged the above action of the Bank authorities by way of filing a writ petition being W.P.(C) No. 2215/07, which was dismissed by this Court vide order dated 17-4-2007 (Annexure P / 4).

4. Against the above order of the High Court, a writ appeal No. 102/07 was preferred and in the said writ appeal the respondent / Bank gave an undertaking that they shall not take possession of the unit and shall be constituting a committee as per decision of the Hon'ble Apex Court in the case of Mardia Chemicals Ltd. and in these circumstances, the writ appeal was also dismissed vide order dated 11th October 2007 (Annexure P / 6) with liberty to the petitioner to challenge the order passed by the Committee, if he so desires / advised.

5. Thereafter, the Committee constituted by the Bank authorities in their meeting dated 5th October 2007 vide Annexure P / 5 considered the objections raised by the petitioner vide letter dated 8th March 2007 against the notice dated 4th January 2007 (Annexure P / 2) and resolved as under : -
"5. After going through all the issues involved / objections raised by the