K. SREEDHAR Vs. RAUS CONSTRUCTIONS PVT. LTD

JUDGEMENT

(1.) Feeling aggrieved and dissatisfied with the impugned judgment and order dtd. 6/3/2020 passed by the High Court for the State of Telangana at Hyderabad in Writ Petition No.12081/2019 by which the High Court has allowed the said writ petition preferred by the debtor and has quashed and set aside the order passed by the Debts Recovery Tribunal - I (hereinafter referred to as "DRT-I") in SA No.171/2016 as well as the Possession Notice dtd. 5/2/2016 and the Sale Notice dtd. 10/1/2017 issued by the Indian Bank (hereinafter referred to as "secured creditor") and also the sale of Item No.8 property mentioned in the Sale Notice pursuant to the auction held, the auction purchaser as well as the secured creditor have preferred the present appeals.

(2.) The facts leading to the present appeals in nut-shell are as under:

(3.) Shri Dhruv Mehta, learned senior counsel appearing on behalf of the auction purchaser and learned senior counsel appearing on behalf of the secured creditor have vehemently submitted that the High Court has materially erred in entertaining the writ petition against the judgment and order passed by the DRT-I. It is submitted that against the order passed by the DRT-I, the borrower was required to prefer an appeal before the Debts Recovery Appellate Tribunal (hereinafter referred to as "DRAT"). It is submitted that only with a view to circumvent the provisions of the appeal before the DRAT and to get out of the deposit of the pre-deposit amount, the borrower straightway preferred writ petition before the High Court against the judgment and order passed by the DRT-I, which ought not to have been entertained by the High Court in view of availability of alternative statutory remedy under the provisions of the SARFAESI Act.