GUJARAT POLY-AVX ELECTRONICS LTD Vs. CMD, IDBI

JUDGEMENT

(1.) This writ petition has been preferred by the petitioner-Gujarat Poly-AVX Electronics Ltd., [borrower] against the notice issued by the respondent-secured creditor under Sec.13[2] of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [hereinafter referred to as "SARFAESI Act"].

(2.) According to the petitioner it has paid all the dues as were due to the respondents. In fact, payment has been made pursuant to order dated 27th March, 2002 passed by Appellate Authority for Industrial and Financial Reconstruction, New Delhi [hereinafter referred to as "AAIFR"].

(3.) Mr. Mihir Thakor, learned Sr. Advocate, appearing with Mr. S.N. Soparkar, learned Sr. Advocate with Ms. Dharmishta Raval, learned counsel for the petitioner would refer to order dated 27th March, 2002, passed by the AAIFR in Appeal No. 387 of 2001, to suggest that amount of Rs. 6.58 Crores as was due to respondent no.1-IDBI and another sum of Rs. 4.09 Crores as was due to respondent no.2-IFCI have already been paid. It was submitted that 45% of the said amount has been paid by the petitioner in cash and rest of the amount has been paid by conversion of equity shares; the debts having discharged, notice issued under Sec. 13[2] of the SARFAESI Act was uncalled for. This fact was brought to the notice of the respondents by the petitioner, but such contention had been rejected.