DALMIA BHARAT SUGAR AND Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) The parties were put to notice that the Petition will be disposed of finally at the stage of admission. It may be noted here that we have also heard the submissions of the Applicants in Civil Application No.628 of 2017 and Civil Application No.629 of 2017.

(2.) The controversy involved in this Petition is very narrow. With a view to appreciate the controversy, a brief reference to the facts is necessary.

(3.) The Petition concerns a Co-operative Sugar Factory established under the Maharashtra Co-operative Societies Act, 1960. It appears that the said Sugar Factory had availed of certain financial facilities from the Maharashtra State Co-operative Bank Limited. The proceedings were initiated by the said Bank under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "the said Act of 2002"). The certificate of sale dated 1st September 2014 was issued in favour of the Petitioner in exercise of powers under the Security Interest (Enforcement) Rules, 2002 ( for short "the said Rules of 2002"). A copy of the certificate of sale is annexed at Exhibit-A to the Petition.