PRABHA CONSTRUCTION JHANSI Vs. BANK OF BARODA KANPUR

JUDGEMENT

(1.) Heard Sri Y.S. Saxena, Advocate assisted by Sri S.P. Singh, learned Counsel for the petitioner and Sri Rahul Sripat, Advocate assisted by Sri Ashish Kumar Singh, Advocate for respondent No. 6. Against the recovery proceedings initiated by Bank of Baroda on proceeding against the secured assets, taking steps under section 17 of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the "Act, 2002") and challenge thereto by petitioners having failed before Debt Recovery Tribunal (hereinafter referred to as the "DRT") and Debts Recovery Appellate Tribunal (hereinafter referred to as the "DRAT"), this writ petition has up under Article 226 of the Constitution of India with a prayer of issuance of a writ of certiorari for quashing the judgment and order dated 27.5.2009 (Annexure-20 to the writ petition).

(2.) The brief factual matrix which would be relevant to understand the dispute may be narrated as under.

(3.) Petitioner No. 1, M/s. Prabha Construction, is a partnership firm engaged in construction business. Petitioner No. 2, Vinay Bhushan Sood, his wife, Smt. Prabha Sood and their two sons, Ashish Sood and Amit Sood, are said to be the partners in the firm. The firm is a recognized Government contractor carrying on business in respect of State of Uttar Pradesh and Madhya Pradesh.