RBL BANK LTD. Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) The above Writ Petition is filed inter alia for seeking a direction against Respondent Nos. 8, 9 and 11 to forthwith restore possession of their secured asset as described in the Petition to the authorized officer of the Petitioner with the aid and assistance of Respondent Nos. 2, 3 and 4, if necessary. This relief is sought in the peculiar facts set out in the Petition.

(2.) The facts of this case reveal that one Orix Leasing & Financial Services India Ltd., had originally advanced credit facilities to the tune of Rs.1,25,00,000.00 to Respondent Nos. 5 to 11 (for short "the borrowers") on such terms as recorded in the sanction letter. The aforesaid credit facility was secured, inter alia, by way of mortgage of an immovable property viz: Plot No.6, totally adm.157.36 sq.mtrs., consisting of Ground plus first floor, in the society known as Bhukrupa Co-Operative Housing Society Ltd., Sector No.27, Plot F1+F3 situated at Village Akurdi (PCNTDA), Taluka Haveli, Dist. Pune (for short "the secured asset").

(3.) After creation of this mortgage, the said Orix Leasing & Financial Services India Ltd. by a Deed of Assignment dtd. 12/2/2019 assigned all their right, title and interest in the aforesaid credit facility along with its underlying securities in favour of the Petitioner Bank. Upon the debt being assigned, there were defaults committed by the borrowers and their account was classified as a Non-performing Asset ("NPA") on 10/4/2021 in the books of the Petitioner. This was done in accordance with the guidelines of the Reserve Bank of India.