VIJAY VERMA Vs. DENA BANK

JUDGEMENT

(1.) THE petitioner has filed this petition under Article 226 of the Constitution of India for the following relief (s) :

(2.) BRIEFLY stated, facts necessary for decision of this petition are that the respondent/bank issued a notice dated 4th January 2007 (Annexure P/2) under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of security Interest Act, 2002 (hereinafter referred to as the "npa Act") calling upon the petitioner (guarantor to M/s Alankar, a unit of verma Jewellers Group Pvt. Ltd.) to repay the loan advanced to him to the tune of rupees two crore ten lac twenty three thousand with further interest thereon, failing which the Bank as a secured creditor shall be entitled to enforce its security interest without intervention of the Court or Tribunal by taking recourse to one or more of the measures under Chapter-3 of the Act including taking over of the possession or management of the assets charged to the Bank for realizing the Bank's dues.

(3.) THE petitioner in his reply had taken a preliminary objection that the Bank authorities have not constituted a committee as per law laid down by the Hon'ble Apex court in the matter of Mardia Chemicals ltd. , (AIR 2004 SC 2371 ). However, the Bank authorities filed an application before the district Magistrate for exercising powers under Section 14 of the NPA Act. The petitioner challenged the above action of the bank authorities by way of filing a writ petition being w. P. (C) No. 2215/07, which was dismissed by this Court vide order dated 17-4-2007 (Annexure P/4 ).