SANJEEV SHRIYA Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Heard Shri Navin Sinha, Senior Advocate assisted by Aditya Singh, Rahul Agarwal, K.K. Wadhwa, Avirudh Wadhwa, Anandava Handa and Vipul Kumar for the petitioner in Writ C No. 30285 of 2017 and Shri M.L. Lahoti assisted by Shri Dinesh Kakker and Shri Akash Chandra Maurya for the petitioners in the connected Writ C No. 30033 of 2017 and Shri Satish Chaturvedi and Shri Siddharth for the respondents.

(2.) In both the writ petitions, the petitioners are assailing the orders dated 6.7.2017 passed by the Debt Recovery Tribunal, Allahabad in Original Application No. 238/2017 (State Bank of India v. LML Limited and ors).

(3.) The facts of both the writ petitions, according to the petitioners, in brief are that the petitioners are the guarantors of M/s L.M.L. Limited, Kanpur, which was declared as 'Sick Industrial Company' by the Board of Industrial and Financial Reconstruction on 8.5.2007. The State Bank of India (in brevity, SBI) had filed the Original Application No. 238 of 2017 under section 19 (3) of the Recovery of Debts Due To Banks And Financial Institutions Act, 1993 (in short, the Act of 1993) before the Debt Recovery Tribunal (in brevity, DRT), Allahabad for recovery of Rs. 72,75,29,053.71 against the company (in liquidation) as the principal borrower and Deepak Singhania, Sanjeev Shreya and Anurag Kumar Singhania/the petitioners as the guarantors with following reliefs:-