SULEMAN A KALANIYA Vs. KOTAK MAHINDRA BANK LTD

JUDGEMENT

(1.) The applicants have taken out this Judge's Summons praying for quashing and setting aside the auction of the assets of the Stanrose Steel Limited to be held on 13.07.2010. The applicants have further prayed for stay restraining the Sale Committee from selling the assets of Stanrose Steel Limited with encumbrances. The applicants have sought for the direction to the Official Liquidator to find out the encumbrances on the assets of Stanrose Steel Limited. They have also prayed for stay restraining the Sale Committee from conducting the auction proceedings of the assets of Stanrose Steel Limited under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act. They have also prayed for stay restraining the Sale Committee from disposing of the assets of Stanrose Steel Limited.

(2.) An affidavit-in-support of the Judge's Summons is filed by Mr. R. G. Makwana, the applicant No. 9.

(3.) Mr. Ashok L. Shah, learned advocate appearing for the applicants has submitted that the Respondent No. 1 Bank has published a notice for auction of the assets under the provisions of the Securitisation Act. The said auction is to be held on 13.07.2010. The applicants have obtained a copy of the bid document for the said auction. Clause 2.7 of the said bid document reads as follows: