K. NANJUNDEGOWDA Vs. OMKAR ASSETS RECONSTRUCTION PVT.LTD.

JUDGEMENT

(1.) The challenge is to the coercive proceedings of recovery purportedly under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act , 2002. Learned counsel appearing for Respondent No.1-Omkar Assets Reconstruction Pvt. Ltd and learned counsel appearing for Respondent Nos.3 to 6, oppose the petition contending that the Petitioner has got an alternate & equally efficacious remedy under Sec. 17 of the 2002 Act and there is no reason to bypass the Appellate forum only to invoke writ jurisdiction. They also point out that in similar matters, this Court has declined indulgence relegating the litigants to the alternate forum says counsel for the Respondent-Bank. The counsel for the Bank heavily pon the decision of Apex Court in, PHOENIX ARC PRIVATE LIMITED vs. VISHWA BHARATI VIDYA MANDIR AND ORS ,AIR 2022 SC 1045. in support of such contention.

(2.) Having heard the learned counsel for the parties and having perused the Petition Papers, this Court is broadly in agreement with the submission made on behalf of the respondents and therefore, declines indulgence on the ground of availability of alternate remedy. All contentions are kept open.