- (1.) SRI D.K. Pathak, advocate assisted by Sri P.K. Bajpai, advocate has appeared for Kotak Mahindra Bank and has produced the original loan agreement executed by the I.C.I.C.I. Bank and the deed of assignment executed by the I.C.I.C.I. Bank transferring the loan amount to Kotak Mahindra Bank. In the two documents the lender Bank includes assigns, and therefore, the I.C.I.C.I. Bank had full right to assign the present loan to Kotak Mahindra Bank Ltd.
(2.) IN view of the above, we are of the considered opinion that the Kotak Mahindra Bank was well within its right to take proceedings under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioner was granted loan of Rupees 5,45,000/ - by the respondent Bank. According to the petitioner, due to unforeseen circumstances and reasons beyond his control, he could not repay the amount due in time. According to him, prior to default he had regularly deposited the amount with the Bank. Now the Bank is proceeding against the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "the Act") for the realisation of loan amount etc.
(3.) WE have heard Sri Dileep Kumar Mishra, learned Counsel for the petitioner and Shri Maneesh Trivedi and Sri P.K. Bajpai, learned Counsel for the respondent -Banks and have perused the averments made in the writ petition.;