If proceedings are initiated under the SARFAESI Act and/or any proposed action is to be taken and the borrower is aggrieved by any of the actions of the private bank/bank/ARC, borrower has to avail the remedy under the SARFAESI Act and no writ petition would lie and/or is maintainable and/or entertainable. Relief under Article 226/227 of the Constitution is not available if an efficacious alternative remedy is available to any aggrieved person (Para 12). Remedies available to an aggrieved person under section 13(4) or section 14 of the SARFAESI Act can be said to be both expeditious and effective (Para 10)
[Phoenix ARC (P) Ltd. v. Vishwa Bharati Vidya Mandir, (2022) 5 SCC 345]