SANJAY DHINGRA Vs. IDBI BANK LIMITED

JUDGEMENT

(1.) The petitioner in the instant writ petition is aggrieved by the steps initiated by the respondent no.1-IDBI Bank, New Delhi, under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 ('SARFAESI Act'), for the loan facilities granted by respondent no.2-IDBI, Dubai to respondent no.3-company.

(2.) The respondent no.3-company, which is based in Dubai and has its registered office in Delhi, availed the said loan facilities from the Dubai Branch of IDBI Bank. In this regard, a Facility Agreement dtd. 4/12/2012 was entered between the respondent no.2-bank and respondent no.3-company situated in Dubai.

(3.) The terms of the amended Sanction Letter dtd. 14/11/2016, also contemplated creation of Personal Guarantee by the petitioner in favour of respondent no.2-bank, situated in Dubai. Thus, the petitioner had mortgaged immovable property bearing Khasra No. 4072/243, 4071/243, 4070/243 and 4069/243 situated in Golden Park Colony on Rampura Road, Village Basai Darapur ('secured asset') as security for the aforesaid loan facilities vide Declaration and Undertaking dtd. 6/12/2017. Pursuant to this mortgage, the original documents for the secured asset were also handed over to the New Delhi Branch of IDBI Bank on 7/12/2017.