RAMESH CHANDRA GUPTA Vs. CHIEF METROPOLITAN MAGISTRATE

JUDGEMENT

(1.) Heard Sri Virendra Kumar Shukla, learned counsel for the petitioners, learned Standing Counsel for the respondents no. 1 and 2 and Sri Rahul Sahai, learned counsel for the respondent no. 3.

(2.) The petitioners in the writ petition are seeking quashing of the order dated 03. 08.2018 passed by the Chief Metropolitan Magistrate, Kanpur Nagar in Case No. 6450 of 2017 under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 (hereinafter to be referred to as SARFAESI Act).

(3.) The law in this regard is very clear that when appropriate forum is provided under the SARFAESI Act this Court stands injuncted from interfering with any matter arising out of the proceedings under the SARFAESI Act. The petitioner has a remedy under Section 17 (1) of the SARFAESI Act by approaching the Debt Recovery Tribunal. Therefore, no ground for interference is made out particularly, in view of the judgement of the Supreme Court in the case of United Bank of India vs. Satyawati Tandon and others, reported in (2010) 8 SCC 110 wherein the Court in paragraph 42 & 43 has held as under :