Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002–Sec. 17–Alternative remedy–Availability–Section 17 unambiguously states that any person who is aggrieved by any of the measures referred in Sec. 13(4) of the Act, taken by the secured creditors may make an application to the Debt Recovery Tribunal–Further, if the secured creditor takes a recourse of one or more of the measures to recover his secured debt like taking possession of the secured assets of the borrower including the rights to transfer by way of lease, assigning or sale for release the secured asset, remedy u/s. 17 can be availed–In the instant case, the respondent bank has proceeded to auction the property of petitioner-company–Petitioner has the efficacious and effective statutory remedy under the Act–Interference declined.
