SUPER SPINTEX PRIVATE LIMITED Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Rule. Learned Advocate Mr. Kuntal Parikh waives service of notice of Rule on behalf of the respondent No.1 - Punjab National Bank, learned Advocate Mr. Pranav G. Desai waives service of notice of Rule on behalf of the respondent No.2 - Andhra Bank, learned Advocate Mr. Bhaskar Sharma waives service of notice of Rule on behalf of the respondent No.3 - Dena Bank and learned Advocate Mr. Kaushal D. Nakrani waives service of notice of Rule on behalf of the respondent No.4 - Indian Bank.

(2.) This petition under Article 226 of the Constitution of India is filed seeking direction to the respondent No.1 seeking direction to the respondent No.1 to release the collateral security of the petitioner created by deposit of title deeds without demanding prepayment charges / foreclosure charges and to issue 'No Objection Certificate' in favour of AXIS Bank and HDFC Bank who had taken over the credit facilities. Consequentially, relief is prayed for setting aside the communication dated 07.11.2019, 20.11.2019 and 19.10.2019 demanding prepayment charges / foreclosure charges.

(3.) It is the case of the petitioner that the petitioner had availed credit facilities in the form of funding of projects jointly by the Consortium of the respondents No.1, 2, 3 and 4 - Bank, the respondent No.1 being the lead Bank.