- (1.) Seeking quashing of notice dated 15.10.2014 under Section 13(2) of the SARFAESI Act, 2002, the present writ petition has been filed.
(2.) The brief facts of the case as disclosed in the writ petition are that, M/s. Corrugated Crate & Printer availed cash credit of Rs.19.50 lacs and a term loan of Rs.61.60 lacs. The petitioner is the proprietor of the said Company. It appears that the loan account of the company was declared N.P.A. however, after the petitioner regularised the account, the notice under Section 13(2) of the Act was recalled. In terms of the loan availed by the company, the term loan was required to be repaid in 60 installments of Rs.1,44,133/ from 31.01.2013. For availing cash credit facility, the petitioner was required to maintain minimum turnover of five times the credit limit in one financial year however, the turnover of firm of the petitioner remained Rs.11 lacs only and therefore, the cash credit facility was not extended to the petitioner. The account of the company was again declared N.P.A. with effect from 30.09.2014 and a notice under Section 13(2) of the SARFAESI Act, 2002 was issued on 15.10.2014. Challenging the same, the petitioner has approached this Court by filing the present writ petition.
(3.) Mr. A. Allam, the learned senior counsel appearing for the respondentBank of India raises a preliminary objection as to the maintainability of the writ petition. It is submitted that the petitioner is a defaulter and inspite of notice issued to her, she has failed to regularise her account and therefore, after notice dated 15.10.2014 under Section 13(2) of the SARFAESI Act, 2002, a notice under Section 13(4) of the Act has also been issued and possession of the secured assets has been taken by the respondentBank of India.;