KASTURI DEVI SHEETALAYA PVT. LTD. Vs. PRESIDING OFFICER

JUDGEMENT

(1.) Heard Sri Ashok Pandey, learned counsel for the petitioners and Sri Alok Rai and Ms. Eshita Sand, learned counsel for the contesting respondent bank.

(2.) The petitioners have invoked the extraordinary jurisdiction of this Court under Article 226 of the Constitution, seeking challenge to the order passed by the Debt Recovery Tribunal upon a miscellaneous application bearing No.- 40 of 2024 (Kasturi Devi Sheetalaya Pvt. Ltd. v. Bank of India) arising out of Securitization Application No.- 461 of 2022.

(3.) A preliminary objection has been raised by learned counsel for the contesting respondent- bank that the petitioner has an alternative efficacious remedy to prefer an appeal before the Debt Recovery Appellate Tribunal under Sec. 18 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'SARFAESI Act, 2002') and this Court, therefore, may not interfere invoking extraordinary jurisdiction of this Court under Article 226 of the Constitution.