Arijit Banerjee, J. - (1.) Common questions of fact and law are involved in these two writ petitions. Hence, the two matters have been taken up together for hearing and disposal. Contention of the petitioners:-
(2.) The main challenge in the two writ petitions is to the possession notice dated 10 December, 2014 issued by the respondent Bank and taking over actual physical possession of the property in question under Sec. 13(3) of the Securitization And Reconstruction of Financial Asset & Enforcement of Security Interest Act, 2002 (in short the 'SARFAESI Act'). The case of the petitioner is that Shri Pranab Kumar Chakraborty, (hereinafter referred to as 'Pranab') the petitioner in WP No. 416 of 2015 was the sole proprietor of Mackeil & Co. who availed of credit facilities from the respondent Bank in the year 1993 and for that purpose created mortgage in respect of three properties by deposit of title deeds with the bank. The particulars of the said properties are as follows:- (a) Mouza-Baltikuri, J.L. No. 1, Khatian Nos. 1888, 1893, 1895, 1965, 1970 in Dag/Plot No. 1366 (being Deed No. 1179 dated 21st March, 1992). (b) Mouza-Baltikuri, J.L. No. 1, Khatian Nos. 1888, 1893, 1895, 1965, 1970 in Dag/Plot No. 1366 (being Deed No. 1180 dated 21st March, 1992). (c) Mouza-Baltikuri, J.L. No. 1, Khatian Nos. 1888, 1893, 1895, 1965, 1970 in Dag/Plot No. 1365 (being Deed No. 2868 dated 11th May, 1983). The loan obtained was repaid by Pranab in the very same year.
(3.) In 1993, Mackeil & Co. Private Limited, the petitioner in WP 388 of 2015 was incorporated. In 2005 Mackeil Ispat & Forging Limited (in short 'Mackeil Ispat') was incorporated. Pranab is a director in both the present petitioner company and in Mackeil Ispat. Mackeil Ispat obtained a term loan aggregating Rs. 94.83 crores from a consortium of banks with State Bank of India, (in short 'SBI') Durgapur Branch, as the lead Bank in the year 2008. The present petitioner company is the corporate guarantor in respect of such term loan and executed an unattested memorandum of hypothecation in favour of SBI, Durgapur Branch, whereby the plant and machinery of the present petitioner company located at Mouza Baltikuri, District Howrah were furnished as collateral security. On 6 March, 2010 the petitioner company executed a deed of guarantee in favour of the consortium of Banks which advanced loan to Mackeil Ispat.;