KINGFISHER AIRLINES LIMITED Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) THIS Original Side Appeal is directed against the order dated 11th December 2013 passed by the learned single Judge whereby Company Application No.2214/13 in CO.P.No.164/2013 has been dismissed. Company Application was filed by the appellant -company under Section 151 of the Code of Civil Procedure, 1908 read with Section 443 of the Companies Act, 1956 (for short "the Act") and Rules 6 ana 9 of the Companies (Court) Rules, 1959 seeking direction to the respondents -banks and/or the SBICAP Trustee Company Limited (for short "SBICAP -Trustee") not to prosecute Miscellaneous Application No.342 of 2013 further, filed by them under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (for short "5ARFAESI Act"), pending before the Chief Metropolitan Magistrate, Esplanade at Mumbai (for short "CMM"). Further, the appellant also sought direction to the respondents not to take physical possession of the building known as Kingfisher House, situate at Andheri, Mumbai (for short "Kingfisher House"). 

(2.) The appellant is a company incorporated under the provisions of the Act and is a constituent of UB Group of Companies. Respondent Nos.l to 15 are the banks which have formed a consortium and made available various credit facilities from time to time to the appellant -company. The respondents are secured creditors holding a significant majority of the available assets belonging co tne appellant -company as security towards the loans advanced including Kingfisher House.

(3.) SBICAP -Trustee, obviously on behalf of the respondent -Banks, filed Miscellaneous Application No.342/2013 before the CMT -r,' under Section 14 of the SARFAESI Act contending that they are entitled to take physical possession of Kingfisher House and that the appellant -company is likely to resist the respondents from taking possession thereof.