PINTOJI FOODS PVT LTD Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) THE petitioner before this Court obtained certain loan/credit facility from respondent No. 1-Punjab National Bank. Vide circular dated 16.01.2002, respondent No. 2, Reserve Bank of India notified certain guidelines for rehabilitation of sick small scale industrial units. The guidelines, to the extent they are relevant, read as under:-.

(2.) PURSUANT to the said guidelines, the petitioner vide letter dated 11.05.2011 applied to respondent No.1-bank for rehabilitation in the form of funds and financial support from the bank. Pursuant to the said application, an inspection of the unit of the petitioner was carried out by an officer, appointed by the bank for the purpose and vide his report dated 12.08.2011, the officer, inter alia, reported as under:-

(3.) THE respondent No. 1-Bank has already instituted proceedings before DRT for recovery of its dues from the petitioner and there is a proposal to auction the property which the petitioner had mortgaged with respondent No.1-bank.