SSJV PROJECTS PVT. LTD Vs. CANARA BANK

JUDGEMENT

(1.) These two petitions have been filed by the borrowers and the guarantors in a banking transaction with Canara Bank. Prayers in the writ petition are inter alia to direct Canara Bank to permit them to exercise their right of redemption of mortgaged properties.

(2.) Heard Shri.Naganand, learned Senior Advocate for the borrower Company and its Directors, Smt.Bhargavi Dev for the guarantors, Shri.Krishnamurthy, learned Senior Advocate for Canara Bank and Shri.M.T.Nanaiah for the auction purchaser.

(3.) Facts of the case are, M/s. SSJV Projects Pvt. Ltd., (hereinafter referred to as 'Company' for short) obtained Bank Guarantee facility up to Rs. 210 crores from Canara Bank. Mr. Manohar Shetty and his wife Smt.Harini Shetty are the Directors of the Company. Their Coffee Estate in Chickmagalur District was mortgaged by depositing the title deeds.