ABHAY CHAUDHARY Vs. UNION OF INDIA & OTHERS

JUDGEMENT

(1.) (Oral) - By means of present writ petition, the petitioners seek following relief, among others:-

(2.) It is the case of the petitioners that firm M/s Mahaveer Packaging Industries, of which the petitioner no. 1 is the proprietor, obtained loan facility from respondent no. 1-bank under three heads, viz., Cash Credit Limit, Term Loan-I and Term Loan-II. To secure the said loan obtained by the petitioners from the respondent no. 1, a mortgage was created over the land/plot situated at A-7, Industrial Estate, Kashipur having 2422 Sq. Yds area. The said property is in the name of petitioner no. 2. However, there is a lease deed executed by petitioner no. 2 in favour of petitioner no.1 in respect of the said property. Further, a house measuring 142.27 sq.mts. situated at Mohalla Singhan, Kashipur in the name of one Mr. Amit Kumar Jain was also mortgaged. The original title deeds of both the aforesaid properties and other lease deeds were deposited with respondent no.1 at the time of obtaining loan facilities.

(3.) Subsequently, one of the collateral securities submitted for securing mortgage was revised in a way that the property situated at Plot No. A-7, Industrial Estate Kashipur remains as such. However, earlier mortgage property (i.e. house at Mohalla Singhan, Kashipur) belonging to Amit Kumar Jain was replaced with a property belonging to Rajat Kumar Jain as property situated in Mohalla Singhan measuring 972 sq.ft.