- (1.) Challenging notice dated 11.10.2013 issued under Section 13(4) of the SARFAESI Act, 2002, the petitioner has approached this Court.
(2.) On 27.08.2010, M/s. Buddha Vihar Construction Pvt. Limited took Working Capital Demand loan of Rs. 1,40,00,000/ from the respondent State Bank of India. The petitioner stood as a Guarantor and deposited 4 Title Deeds of property. On 25.09.2012, a notice under Section 13(2) of the SARFAESI Act, 2002 was issued which was subsequently withdrawn vide letter dated 20.06.2013. Thereafter, the respondent Bank filed OA No. 194 of 2013 before the Debts Recovery Tribunal, Ranchi for recovery of Rs. 1,63,51,070/ along with pendente lite and future interest. While proceeding in OA No. 194 of 2013 continued, the respondent Bank arbitrarily and illegally issued notice dated 11.10.2013 under Section 13(4) of the SARFAESI Act, 2002 and2 took possession of the mortgaged property.
(3.) Heard the learned counsel appearing for the parties and perused the documents on record.;