- (1.) Seeking a direction upon respondent nos. 2 & 3 to immediately provide security guards for protection of properties and assets of CPL at Latehar, Jharkhand, the present writ petition has been filed.
(2.) ARCIL, the petitionercompany registered under the Companies Act, 1956 asserts that it is registered under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 vide, Registration No. 001 of 2003. It is stated that the Corporate Power Limited is part of M/s Abhijeet Group. It was incorporated to establish a power plant at Latehar. CPL completed about 95 % work in phase1 and 67 % work in phaseII. The company was started in the year, 2009 however, it stopped erection of the power plant and further project activities. The properties of the CPL are mortgaged with the Banks/ Financial Institutions. It is stated that M/s Abhijeet Group is mainly engaged with the development of infrastructure projects. In March, 2015 CPL account was declared N.P.A and vide, Assignment Agreement dated 31.03.2015, State Bank of India and other banks and financial institutions assigned to ARCIL under Section 5 of the SARFAESI Act, 2002, their financial assistance to CPL (Corporate Power Limited) together with the securities, rights, title and interest. After takeover of the debt of CPL on 31.03.2015 the petitioner ARCIL has taken steps to revive projects and contacted the promoters of CPL however, they did not cooperate and left with no option, the petitionercompany has to secure the immovable assets.
(3.) Mr. Anil Kr. Sinha, the learned Senior counsel for the petitioner submits that in a systematic manner properties are being illegally taken away from the factory premises and therefore, the petitioner moved application before the respondentState for providing security to protect the mortgaged assets. The respondentState vide, letter dated 13.06.2015 furnished schedule of payment however, on a plea that M/s Abhijeet Group raised an objection, no decision has been taken by the respondentState. The learned Senior counsel submits that properties of CPL are mortgaged property which have been assigned to the petitioner and therefore, the petitioner has a right to seek protection of the same.;