HEERA BRICK FIELD Vs. BANK OF BARODA

JUDGEMENT

(1.) 1. As per the averments made in the Writ Petition, the petitioner took Cash Credit Facility from the respondent no.1-Bank of Baroda for business purposes. The property in question was given as security for the said facility. The petitioner committed default in respect of the said facility. Consequently, the proceedings under Section Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short "the Securitization Act") have been initiated against the petitioner. A Notice dated 3-1-2011 (Annexure 1 to the Writ Petition) under Section 13 (2) of the Securitization Act has been issued to the petitioner.

(2.) SHRI Sandeep Kumar Singh, learned counsel for the respondent nos. 1 and 2, on the basis of instructions received by him, states that a Notice dated 7th May, 2007, under Section 13 (4) of the Securitization Act has also been issued to the petitioner. The petitioner has filed the present Writ Petition, inter-alia, praying for quashing the proceedings initiated against the petitioner under the Securitization Act.

(3.) THE petitioner in the present Writ Petition is impugning the proceeding being taken against the petitioner under the Securitization Act on various grounds.