PHOSPHATE INDIA PVT. LTD Vs. UNION BANK OF INDIA
LAWS(RAJ)-2020-1-170
HIGH COURT OF RAJASTHAN
Decided on January 16,2020

Phosphate India Pvt. Ltd Appellant
VERSUS
UNION BANK OF INDIA Respondents

JUDGEMENT

ARUN BHANSALI, J. - (1.) This writ petition has been filed by the petitioner aggrieved against the order/communication dated 13.1.2020 (Annex.P/21), whereby, the respondent Bank rejected petitioner's proposal/representation and order dated 1.11.2019 (Annex.P/16) passed by the District Collector, Udaipur under Section 14 of Securitization and Reconstruction of Financial Assests and Enforcement of Security Interest Act, 2002 ('?the SARFAESI Act, 2002') ordering for taking possession of secured assets.
(2.) It is inter alia indicated in the writ petition that notice under Section 13 of SARFAESI Act, 2002 was issued to the petitioner on 10.5.2019 alleging that dues as on 1.5.2019 were Rs. 4.16 crores and account became NPA on 30.4.2019, whereafter, on 30.7.2019 notice for taking possession under Section 13(4) of the Act was issued to the petitioner which resulted in passing of the order dated 1.11.2019 under Section 14 ordering for handing over possession of the secured assets to the respondent Bank.
(3.) The petitioner earlier approached this Court by filing SBCWP No. 18892/19 with various submissions seeking protection under various circulars issued by RBI being a Macro, Small and Medium Enterprise ('?MSME'). However as the Court was approached without approaching the respondent bank with similar plea, the petitioner was directed to approach the bank by way of appropriate representation raising all the issues as raised in the writ petition.;


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