KMC PLASTOCHEM Vs. CANARA BANK

JUDGEMENT

(1.) Heard learned counsel for the parties through video conferencing.

(2.) Petitioner took a loan from Canara Bank, Branch Kotdwar, Pauri Garhwal for setting up an industrial unit. Since the loan was not repaid in time, therefore, recovery proceedings were initiated by invoking provision of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short "SARFAESI Act") against the petitioners.

(3.) In the writ petition, petitioner has challenged the possession notices issued under Sec. 13(4) of SARFAESI Act by respondent bank on 24/9/2021.