- (1.) The petitioner is a company registered under the Companies Act, 1956. The petitioner company through its Director had obtained a term loan of Rs. 1,80,00,000/- payable in seven years and a cash credit limit facility to the tune of Rs.70,00,000/- from the respondent Bank in 2008.
(2.) To secure the aforesaid loan/facility on behalf of the borrowers, the company created security interest in respect of the following properties: Primary Security: I)Cold Storage Land located at Gata No.329 and 330 Mauza Pihura, Sadabad, Dist. Mahamaya Nagar valued for Rs.16.60 lacs. II)Cold Storage Building and Hypothecation of Plant and Machinery valued at Rs.91.88 lacs. Collateral Security: I)Residential House at 9, Civil Lines, Mathura, U.P belonging to Shri Mahesh Chandra Gautam valued for Rs.73.00 lacs. II)Charge on Agricultural Land situated at Khasra No. 191 & 192, Village Maharara, Sadabad, Mahamaya Nagar valued for Rs.48.00 lacs. III)Charge on Agricultural Land situated at Khata No.23 Mauza Pihura, Sadabad, Mahamaya Nagar valued for Rs.7.00 lacs. According to the petitioner, the total value of the primary security is approximately three crores where as the value of collateral securities is 128 lacs.
(3.) The petitioner defaulted and was unable to pay the outstanding dues of the Bank. The outstanding dues as on 30.4.2011 was Rs.2,88,13,463.51 plus interest. The Bank initiated proceedings by issuing notice under section 13(2) of the Act calling upon the petitioner company to discharge in full its liabilities within 60 days, giving details of the amount payable by the petitioner company. The petitioner company did not response to the notice under section 13(2) and the 60 days expired on 27.2.2011. Thereafter the respondent Bank exercising its power conferred under section 13(4) of the SARFAESI Act 2002 issued possession notice on 7.11.2011 in term of Rule 8(1) of Security Interest Enforcement Rules 2002 to take constructive possession of the secured asset.;