ASHA MECHANICAL WORKS Vs. STATE OF U P

JUDGEMENT

(1.) Heard learned Counsel for the parties.

(2.) This petition is preferred for quashing the impugned notice dated 16.7.2009 issued by the State Bank of India, Branch-Bikapur, District-Faizabad to the Petitioner under Section 13(2) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as "SARFAESI ACT, 2002".

(3.) It appears that the Petitioner had applied for term loan of Rs. l5 lacs and credit card limit for Rs. 10 lacs from time to time under the scheme of Central Government known as 'Self Employment Scheme' for establishing a factory for carrying on business of repairs and manufacture of machinery. During the period 2007-09 he deposited certain amounts of loan and on 16.7.2009 the Respondent-Bank issued impugned notice under Section 13 (2) of the Act.