FINE PLATINUM (INDIA) LIMITED Vs. INDUSLND BANK LIMITED

JUDGEMENT

(1.) Rule, Rule made returnable forthwith. Heard finally by consent of parties.

(2.) The petitioners in Writ Petition No. 3071/2015 and the petitioners in Writ Petition (L) No. 3096/15 have prayed for writ of certiorari or order or direction seeking to set aside the impugned order dated 11 th September, 2015 passed by the learned Chairperson of the Debt Recovery Appellate Tribunal at Mumbai in M.A. No. 147/2015 in Appeal No. 82/2015. The petitioner in Writ Petition No. 3071/2015 - Fine Platinum (India) Limited submits that petitioner no.1 is a company incorporated under the Companies Act, 1956. Petitioner no.2 is an Indian Citizen and Director of petitioner no.1 - company. The respondent nos. 1 and 2 are Banks carrying on business of banking. Respondents nos. 3 and 4 are companies under the Companies Act, 1956 and respondent no.5 is an Indian inhabitant. The brief facts as stated by the petitioners are that by a sanction letter dated 3rd February, 2006, respondent no.1 claims to have sanctioned to petitioner no.1 various Working Capital facilities aggregating to Rs.632 lacs to take over certain liabilities of petitioner no.1 from INC Vyasya Bank Limited. On 16th February, 2006 respondent no.1 claims to have got various loan and security documents executed from petitioners. On 9th November, 2006 various consortium documents were executed including memorandum of entry substituting respondent no.1 in place of ING Vyasya Bank Limited. By a sanction letter dated 5 th January, 2010 the credit facilities were revised and reduced to 480 lacs with interest at the rate of 12% per annum.

(3.) The petitioners submit that respondent no .2 as a Lead Bank of consortium issued demand notice dated 1st July, 2011 under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as SARFAESI Act, 2002). On 20th September, 2011 respondent no.2 took possession of factory premises of petitioner no.1 at Plot No.62, Seepz, Andheri (W), Mumbai - 400 092 with stocks and movable assets lying therein under Section 13(4) of the said Act. The petitioners claim that on 29th December, 2011 the petitioner no.1 paid Rs. 75 lacs to respondent no.1 by way of direct remittance from the overseas buyer. By letter dated 22nd February, 2011 and 18th August, 2011 the petitioner no.1 sought permission for sale of said property. On 24 th March, 2012 respondent no.1 Bank approved Memorandum of Understanding for sale of said immovable security for Rs. 675 lacs.