DEBNATH ENTERPRISES JHANSI Vs. ORIENTAL BANK OF COMMERCE

JUDGEMENT

(1.) The petitioner took Cash Credit Facility from the respondent No. 1-Oriental Bank of commerce.

(2.) The petitioners committed default in respect of the said facility. Consequently, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short "the Securitisation Act") have been initiated against the petitioners. Possession Notice dated 26.3.2010 (Annexure 6 to the Writ Petition) has been issued.

(3.) However, in the mean-time, a Recovery Certificate dated 8.12.2010 (Annexure 8 to the Writ Petition) was sent by the respondent No. 1-Oriental Bank of Commerce to the District Magistrate/Collector, Jhansi (respondent No. 3). Copy of the Recovery Certificate dated 8.12.2010 has been filed as Annexure 8 to the Writ Petition. The said Recovery Certificate purports to be under the provisions of U.P. Public Moneys (Recovery of Dues) Act, 1972.