MAHENDRASINH BHARATSINH CHUDAVAT Vs. COSMOS COOPERATIVE BANK LTD

JUDGEMENT

(1.) Heard learned advocate Mr. Shashvata Shukla for the petitioners and learned advocate Mr. G. M. Joshi for the respondent Bank.

(2.) The challenge in this petition is essentially directed against the measures taken by the respondent Bank under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 200 In this regard, it is prayed to set aside notice dated 18.09.2015 issued by the respondent Bank and further to set aside the action of the respondent Bank in taking symbolic possession of the secured assets. The petitioners seek a declaration that the respondent Bank does not have any authority to dispossess the petitioners who are the lawful tenants of the premises in question. Another prayer is made to restrain the respondent Bank from taking coercive measures in respect of the properties.

(3.) Referring to the facts in brief, it is stated by the first petitioner that he took on 08.09.2010 the property described as Flat No.302, Chinmay Tower, Near Subhash Chowk, Memnagar, Ahmedabad on lease from its owner one Dilipbhai Chandulal Patel and that he was regularly paying the rent. It appears that the petitioner filed the proceedings under the Arbitration Act seeking to restrain its landlord from dispossessing the petitioner from the property. It is further stated that the second petitioner took on 02.04.2007 the property described as Survey No.438/2, behind Madhusudan Ceramics, besides Sudarshan Oil Mill, Kundal, Kadi, District Mehsana on rent from its owner one M/s. Neel Oil Industries by way of tenancy agreement of the aforesaid date.