RBRA FUNDS Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) THE respondent-Karur Vusua Bank Limited (hereinafter referred to as 'the Bank') having taking action under Section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the SARFAESI Act') and the said action, having been affirmed by the Debts Recovery Tribunal (for short, 'the DRT'), Coimbatore in O. A. (S ). No. 76 of 2006, by order dated 20. 2. 2007, and also having been affirmed by the Debts Recovery Appellate Tribunal ('the DRAT'), Chennai on the appeal preferred u/s 18 of the SARFAESI Act, the petitioners-borrowers challenges the impugned order dated 31. 7. 2008 passed by the DRAT, Chennai in IN (SARFAESI) No. 160 of 2007, in this Civil Revision Petition filed under Article 227 of the Constitution of India.

(2.) IT appears that there were three borrowers viz. , (i)M/s. RBRA Funds, (ii) M/s. Vijaya Finance and (iii) R. P. Pandurangan, who availed separate loan (s) with grant of credit facility, from the respondent-Bank. The secured asset (s) in question were guaranteed by the guarantor (s) in respect of all the three loans.

(3.) SINCE all the three borrowers failed to repay the due amounts, the respondent-Bank issued separate notice (s) under Section 13 (2) of the SARFAESI Act.