MESSRS. KEYSTONE CONSTRUCTIONS Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) THE interpretation of the second proviso to section 18(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the "SARFAESI Act" or the "said Act") falls for consideration in these writ petitions. Section 18 of the SARFAESI Act reads as under: -

(2.) IT would be useful to preface this judgment with a summary of it.

(3.) AS this writ petition essentially raises a question of law, it is sufficient to refer to the facts only briefly. (A) The respondents sanctioned in favour of the petitioners, a cash credit facility of Rs. 750.00 lakhs, the repayment whereof was secured by a charge on certain assets belonging to the petitioners.