RADIKAL AGROTECH PVT. LTD. Vs. IDBI BANK LTD.

JUDGEMENT

(1.) The present petition has been filed by the petitioners with the following prayers:-

(2.) The petitioner includes Radikal Agrotech Pvt. Ltd. the borrower Company and three others who are the guarantors.

(3.) The facts as noted from the record are, the Petitioner No.l Company approached the respondent Bank in the year 2014 for financial assistance. Vide letter dated March 25, 2014, the respondent in principle agreed to grant Working Capital Facilities of Rs. 10 Crore to the petitioner No.l Company, subject to the terms and conditions. Petitioner No. 1 Company in order to create security in favour of the respondent Bank hypothecated raw material, work in progress, finished goods lying in the factory, godown, elsewhere including in transit and all present and future book debts/receivables, stores, book debts and other current assets, both present and future on first pari passu charge.