DIKSHA TRADING CO Vs. GENERAL MANAGER NORTH ZONE BANK OF BARODA
HIGH COURT OF DELHI
DIKSHA TRADING CO.
GENERAL MANAGER (NORTH ZONE) BANK OF BARODA
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(1.) Issue notice. Mr. R.P.Aggarwal, Advocate accepts notice. With consent of counsel for the parties the matter was heard for final disposal. Contd.....2/-
(2.) The petitioner seeks a mandatory order to the respondent Bank for setting aside a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereafter referred to as "the Securitisation Act") dated 20.1.2007.
(3.) The petitioner, a propriety concern of Shri Sumeet Tandon claims to be engaged in trading in industrial chemicals, solvents and dyes. It approached the respondent Bank in 2002 for credit facilities. The bank initially granted a credit limit for Rs. 1.5 crores. The petitioner applied and was granted an additional ad hoc facility of Rs. 20 lakhs in February, 2003 which it utilized other credit facilities were also secured. It is contended that the conduct of the bank led to a situation whereby credit was frozen in 2004 The petitioner could not fulfil its obligation to repay the amounts. On 17.3.2005 the bank issued a notice to the petitioners under Section 13(2), it claimed that the account of the petitioner had been declared as a Non Performing Asset (NPA), according to its guidelines, on 27.9.2004 Apparently, this notice was however not acted upon. Contd......3/-;
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