CHANDRASHEKHAR, J. - (1.) AGGRIEVED by order dated 05.08.2011 issued by the Regional Chief, Ranchi Region, Housing and Urban Development Corporation Limited, the petitioners have approached this Court by filing the present writ petition on the ground that the issuance of letter dated 05.08.2011 is arbitrary and illegal.
(2.) THE brief facts of the case are that, the petitioners are the Guarantor for the loan taken by the Swawlambi Educational Trust. The Trust was established and promoted by the Central Bank Karmachari Swawlambi Sahakari Samiti Ltd., which is a Society registered under Bihar Self Supporting Cooperative Societies Act, 1996 and the petitioners are the members of the said Society. The petitioner no. 1 is the Managing Trustee, petitioner no. 2 is the Joint Managing Trustee and petitioner no. 3 is the Trustee of the Trust. The aim and object of the Trust is to open, establish, run and manage educational institutions such as Medical Colleges, Dental Colleges, Engineering Colleges, Professional/Technical Institutions, Schools etc. for establishing Swawlambi Institute of Dental Sciences and Research Centre at Hazaribagh. A report was prepared and the cost of the project was estimated at Rs. 2496.77 lacs. The respondentHUDCO sanctioned a loan of Rs. 1600.00 lacs on 05.12.2007 and an agreement was signed on 04.01.2008. The first installment of the loan was disbursed in February, 2008 and the last installment was disbursed on 15.03.2010. It is stated that out of the sanctioned loan of Rs. 1600.00 lacs, only an amount of Rs. 9,89,53,822/ was disbursed to the Trust. The loan amount was repayable in 32 quarterly installments which was subsequently rescheduled and it was to be paid in 24 quarterly installments commencing from 31.05.2011. Although, the Trust applied for recognition to the Dental Council of India (DCI) and the college was inspected thrice, i.e., in the year, 2008, 2009 and 2010 however, recognition was not granted due to certain technical difficulties. In the meantime, due to delay in the project the petitioner could not make payment of the first installment and thereafter, letter dated 05.08.2011 was issued recalling the entire loan amount and demand has been made against the petitioners (guarantors) for making payment of the loan amount.
(3.) A counteraffidavit has been filed stated that an Original Application being O.A. No. 214 of 2011 was filed in the Debts Recovery Tribunal (DRT) at Ranchi and therefore, the plea raised by the petitioners should have been raised before the Debts Recovery Tribunal. Heard the learned counsel appearing for the parties and perused the documents on record.;