(1.) Leave granted.
(2.) These appeals filed for setting aside order dated 23.10.2009 passed by the Division Bench of Madras High Court are illustrative of how a defaulting borrower can use the court process for frustrating the action initiated by a bank under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the Act') for recovery of its dues.
(3.) The appellant-Bank sanctioned loan to M/s. N.S. Investments, a partnership firm in 1989 and again in 1991. After some time, the account of M/s. N.S. Investments was declared as non-performing asset. In 1995, respondent No. 1 M/s. Blue Jaggers Estate Ltd. took over the assets and liabilities of M/s. N.S. Investments. The respondents claim that this was done at the asking of the appellant who agreed to provide additional financial assistance to the tune of Rs. 1 crore, but no tangible evidence has been produced in support of this assertion.