IND ENERGY LTD Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) BY this petition, the petitioners seek following reliefs:

(2.) LEARNED counsel appearing for the petitioner submits that the petitioner No. 1 decided to set up Integrated Steel Plant comprising of Sponge Iron Plant, Steel Melt Shop, Coal Washery, Captive Power Plant, Railway Siding etc. and for the said purpose availed the credit facility from the Banks. The respondent No. 2 had funding prior to 2004-05 to the petitioner Soya/Agro Division. According to the petitioners, due to adamant approach of the respondent No. 2 Bank the proposal submitted by the Indian Overseas Bank came to be withdrawn on 09-02-2011. Thereafter, on 14-03-2011 (Annexure- P/4) the respondent Bank issued notice under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "the Act, 2002"). In response to the said notice, the petitioner submitted objection on 16-05-2011 (Annexure-P/5). The said objection has been rejected by the respondent Bank and communicated the same to the petitioner through the Bank's counsel on 18-05-2011 (Annexure- P/6). Thus, this petition filed by the petitioner before this Court on 06-06- 2011 to challenge the adjudication of the objection as well as the guidelines issued by the respondent No. 3/Reserve Bank of India.

(3.) I have heard learned counsel appearing for the parties, perused the pleadings and the documents appended thereto.