LAWS(GJH)-2014-9-278

NILESHKUMAR N. KOTAK Vs. UNION OF INDIA

Decided On September 29, 2014
Nileshkumar N. Kotak Appellant
V/S
UNION OF INDIA Respondents

JUDGEMENT

(1.) These petitions involve the question of applicability of the Secularization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('Securitization Act' for short) to the borrowers and guarantors of the Gujarat State Financial Corporation constituted under the State Financial Corporation Act, 1951 ('the SFC Act' for short).

(2.) Since facts are slightly different, we may briefly record them as arising in each petition. In Special Civil Application No. 9704 of 2013 virtually no facts have been stated. However, material facts are available from the affidavitinreply dated 13.08.2013 filed on behalf of the respondent No.2, the Gujarat State Financial Corporation. Such facts are that:

(3.) In Special Civil Application No. 2423 of 2014 also the petition gives rather sketchy facts. We have, therefore, gathered the facts stated in the affidavit in reply filed on behalf of the Corporation. Such facts are: