GILGAL CASHEW EXPORTS Vs. UCO BANK

JUDGEMENT

(1.) The petitioner, a MSME unit, has filed the writ petition challenging Exhibit P9 order passed by the Banking Ombudsman, Reserve Bank of India, Thiruvananthapuram, and seeking a direction to the Ombudsman to consider Exhibit P8 representation submitted by the petitioner.

(2.) The subject issue relates to the loan availed by the petitioner and the consequential action initiated by M/s. UCO Bank, Kollam as per the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [SARFAESI Act, 2002], on failure to repay the same.

(3.) Brief material facts for the disposal of the writ petition are as follows: