A.S. PRASAD Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) The petitioners, who are the borrowers, have filed the above Writ Petition to issue a Writ of certiorarified mandamus to call for the records of the e-auction sale notice for sale of immovable assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with proviso to Rule 8(6) of the Security Interest (Enforcement) Rules, 2002 dtd. 3/8/2022 for sale of the residential flat issued by the respondent bank scheduling e-auction on 21/9/2022 and to quash the same and to direct the respondent to reverse the excess interest of Rs.13,91,367.84 debited from the loan accounts of the petitioners to the respective accounts of the petitioners and all acts done in furtherance thereof.

(2.) Though the petitioners have got remedy by way of an appeal under Sec. 17 of the SARFAESI Act before the Debts Recovery Tribunal, the petitioners have filed the above Writ Petition without exhausting the alternate remedy.

(3.) The Hon'ble Supreme Court in The Authorized Officer, State Bank of Travancore and another Vs. Mathew K.C., reported in (2018) 3 SCC 85 and Agarwal Tracom Private Limited Vs. Punjab National Bank and others, reported in (2018) 1 SCC 626 held that the aggrieved parties cannot challenge the SARFAESI proceedings directly by filing a Writ Petition under Article 226 of the Constitution of India without exhausting the appeal remedy available to them.