STRIDES AIR SYSTEMS (P) LTD. Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) M/s. Strides Air Systems Private Limited, through its Director Mr.D.Anil Prabhu, 40/1, Vayalur Road, Namachivayapuram, Thodukadu Village, Thiruvallur District, has filed this writ petition against the first respondent State Bank of India, aggrieved by the impugned Sale Notice dated 19.8.2019 issued by the first respondent Bank and the consequent sale effected by private treaty, viz. one factory premises in favour of a couple purchasers, namely Mrs.J.Betzi, wife of J.Johnson Thomas and Mr.J.Johnson Thomas, Chennai and the residential house of the borrower sold to one Mr.R.Dinesh Rao.

(2.) The impugned Sale Notice dated 19.08.2019 for sale of both the Schedule properties, was served on the petitioner company as well as its Directors and Guarantors. The case set up by the petitioner is that the petitioner not only made continuous and strenuous efforts to settle the loan account with the first respondent State Bank of India, but it had also approached this Court by way of a writ petition in W.P.No.9768 of 2019, which was disposed of by a Co-ordinate Bench of this Court on 03.07.2019 and the said writ petition filed by the petitioner came to be dismissed by the Co-ordinate Bench, holding that the first respondent Bank cannot be compelled to agree for a One Time Settlement proposal, which was given by the petitioner on 19.03.2019.

(3.) In the present writ petition, this Court passed an order on 25.09.2019 while issuing notice to the respondent Bank, that subject to the deposit of Rs.1.00 Crore by the petitioner with the respondent Bank, the status quo of the proceedings in pursuance of the impugned Sale Notice dated 19.08.2019, shall be maintained by the respondent Bank and if the sale in favour of the third party has not been concluded, then, it may not be concluded without the specific leave of the Court. The petitioner deposited the said amount of Rs.1.00 Crore in the loan account of the first respondent Bank. However, the first respondent Bank has submitted before us that the said amount of Rs.1.00 Crore was withdrawn by the petitioner through its Over Draft facility in the Cash Credit account with the same bank and deposited in the loan account.