STATE BANK OF INDIA Vs. M/S. P. P. JEWELLERS PRIVATE LIMITED

JUDGEMENT

(1.) This common judgment shall adjudicate upon the aforementioned two writ petitions, which raise a common question of law and facts and can be conveniently heard and disposed of together.

(2.) The petitioner, State Bank of India, is a body corporate constituted under the State Bank of India Act, 1955, having its Corporate Centre at State Bank Bhawan, Madame Cama Road, Nariman Point, Mumbai, and a Local Head Office at 11, Parliament Street, New Delhi, while the respondent, M/s. P.P. Jewellers Pvt. Ltd. is a company incorporated under the Companies Act, 1956, with its registered office at P.P. Tower, H-5, Netaji Subhash Place, Pitampura, New Delhi.

(3.) Briefly stated, the respondent availed various loan facilities from the petitioner Bank and its erstwhile subsidiaries for financial assistance towards its projects. To secure these facilities, the petitioner issued multiple sanction letters including those dtd. 15/3/2013 and 31/3/2014, and various security documents were executed by the respondent including charges created on the entire assets and current assets of the respondent on 28/8/2013 and 31/12/2014, supported by personal Guarantee Deeds executed by the Directors of the Respondent on multiple dates, corporate Guarantee executed by M/s Veekay Exim Pvt. Ltd., letters of acknowledgment regarding guarantees and mortgage of immovable properties with respect to the properties located in Delhi and New Delhi.