JAIBHARAT SYNTHETICS LTD Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Heard. Rule. Learned Counsel appearing on behalf of respondent No. 2 waives notice. By consent, taken up for hearing forthwith.

(2.) The petitioners seek to invoke the writ jurisdiction under Article 226 read with Articles 14, 19 and 300A of the Constitution of India, questioning the legality and propriety of the notice dated 5-1-2010, issued by the Tahsildar, Palghar, District Thane, informing the petitioners to handover possession of the immoveable and moveable properties to respondent No. 2-the Asset Reconstruction Company Limited (ARCIL), within 15 days from the date of the notice. The petitioners have also prayed for quashing and setting aside of the order dated 24-8-2009, passed by the learned District Magistrate, Thane and for issuance of a direction prohibiting respondent Nos. 1 and 2 from taking actual possession of the factory situated at Plot No. D-24, MIDC, Tarapur, Taluka Palghar, District Thane, without following the procedure laid down in Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as he Act.

(3.) The facts of the case, in brief, are thus: