LAWS(BOM)-2013-12-97

UMANG SUGARS PRIVATE LIMITED Vs. STATE OF MAHARASHTRA

Decided On December 10, 2013
Umang Sugars Private Limited Appellant
V/S
STATE OF MAHARASHTRA Respondents

JUDGEMENT

(1.) Rule.

(2.) Rule made returnable forthwith by consent of the parties and heard the respective advocates.

(3.) The petitioner is a Private Limited Company registered under the Companies Act. Respondent No.1 is the Department of Cooperation, State of Maharashtra. Respondent No.2 is the Cooperative Bank & a Secured Creditor which has taken possession of the assets of borrower the Ghrushneshwar Sahakari Sakhar Karkhana Ltd., under the provisions of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as SARFAESI Act). It then issued the tender for the sale of movable and immovable assets of the said Karkhana.