BENGANI UDYOG PVT LTD THROUGH DIRECTOR SURENDER KUMAR BENGANI Vs. AUTHORISED OFFICER, SMALL INDUSTRIES DEVELOPMENT BANK (SIDBI)

JUDGEMENT

(1.) Rule. Learned Advocate, Mr. Jani, waives service of rule for the respondent No.1, whereas, learned AGP waives for Respondent No.2.

(2.) The petitioner is engaged in the business of manufacturing and trading of stainless steel utensils which had availed 'Working Capital Term Loan' ('WCTL' in brief) of Rs. 64/- lakh and the Secured Business loan of Rs. 05/- crore. Against the said loan, a mortgage was created on the factory premises being (1) plot No. 514 & 515, Kathwada Industrial Estate and (2) Flat Nos. 42 and 43, situated on the 4th Floor of the Scheme known as ' Jayraj Apartments' of New Tatsat Cooperative Housing Society Ltd., situated on the land bearing Survey Nos. 352/1, 352/2 and 353 of village Rakhiyal, Taluka: City, sub-District & Distrct: Ahmedabad.

(3.) It is the say of the petitioner on the strength of the Memorandum of Understanding, threats and intimidation by one, Mr. Prakash Jain, he illegally entered into the petitionerCompany and he has illegally siphoned away stock worth Rs. 5/- crores in or around April, 2016.