SHAILESH TRADERS Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) Rule. Rule made returnable forthwith. With the consent of both the sides it is heard finally at the stage of admission.

(2.) By the present petition, the Petitioners take exception to the order dtd. 3/11/2023 passed by the learned Chief Judicial Magistrate, Latur below Exh.21 in Criminal Misc. Application No.621 of 2023, thereby prayer of the Petitioners for supply of copies of application, its affidavit and copy of notice under Sec. 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short the 'SARFAESI Act') has been declined.

(3.) Mr. Jamalpurkar, the learned counsel appearing for the Petitioners vehemently canvassed that Petitioner No.1 is the Proprietorship Firm and running the business of trading of food grains in Market Yard, Latur. On 1/2/2016, Petitioner No.1 approached the Respondent/Bank for sanction of Rs.250.00 lakhs as OCC Limit (Open Cash Credit). Accordingly, the Respondent/Bank sanctioned the said loan facility. The Petitioner Nos.2 to 6 stood as guarantors to the said loan transaction. Considering the timely repayment of the loan and need of the Petitioner Firm, the Respondent/Bank time to time enhanced Open Cash Credit Limit. The Petitioner No.1/Proprietorship Firm is the loan borrower. The Petitioner Nos.2 to 6 have mortgaged their nonagricultural and residential properties while securing loan in favour of the Respondent Bank.