M/S. TITANIUM TANTALUM PRODUCTS LTD. NO.86/1 VENGAIVASAL MAIN ROAD GOWRIVAKKAM, CHENNAI Vs. STATE BANK OF INDIA OVERSEAS BRANCH NO.86, RAJAJI SALAI, CHENNAI 600 001 REPRESENTED BY THE ASSISTANT GENERAL MANAGER STRESSED ASSETS MANAGEMENT BRANCH RED CROSS SOCIETY BUILDINGS NO.32, MONTIETH ROAD, EGMORE CHENNAI

JUDGEMENT

(1.) Heard Mr. S. Rajasekar, learned counsel for the petitioners and Mr. M.Devaraj, learned counsel for the respondent-bank.

(2.) M/s. Titanium Tantalum Products Ltd, a firm along with it directors and legal representatives of the founder-director, have joined together and sought for a writ of mandamus, forbearing the respondent bank from bringing the secured assets, both movables and immovable properties of the petitioners for public e-auction sale on 07.09.2016, or on subsequent dates and consequently, prayed for a direction to the respondent bank to consider the request of the first petitioner company for restructuring the loan.

(3.) Brief facts leading to the writ petition are that M/s. Titanium Tantalum Products Ltd was incorporated on 14.9.1980 and it is a multi-product and technology company with focus in the field of chemical process equipment design, engineering, manufacturing, erection/commissioning and services featuring exotic metals and electrochemical technologies. The company directly employs 170 employees and indirectly many through, its sub-vendor program.