VIBGYOR TEXOTECH LTD Vs. BOARD OF DIRECTORS STATE OF BANK OF INDIA, REPRESENTED BY ITS CHAIRMAN & MANAGING DIRECTOR

JUDGEMENT

(1.) The Petitioner has essentially challenged the notice dated 11.5.2018 of the Respondent No.8Circle Officer, Mandvi, Taluka: Vasai, Dist: Palghar whereby possession of the secured asset was scheduled to be taken on 5.6.2018 at 11.30 a.m. Besides, Petitioner seeks a declaration that no amount is due to the RespondentBank; that the bank has no more enforceable right against the Petitioner, since on account of breach of contract, culpable negligence, customer unfriendly attitude and malicious actions on the part of the bank has resulted in huge loss to the Petitioner. Petitioner also seeks declaration that it is entitled to a judicial forum for adjudication of interse disputes between it and the RespondentBank and till then is entitled to be protected against the powers vested in the RespondentBank/Secured Creditor. Further seeks a declaration that access to justice is a fundamental right and till DRTI, II and DRAT, Mumbai are made functional, Petitioner is entitled to have right to its property, a valuable constitutional right. It also sought transfer of proceedings in Securitisation Appeal No.04 of 2012 filed before the DRTI, Mumbai.

(2.) Before adverting to the various contentions raised by the Petitioner , it may be stated that on 5.6.2018, the Division Bench of this Court had directed the Advocate for Petitioners to take instructions as to whether the Petitioner was willing to deposit 50% of the amount dues being stated in the notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (Hereinafter referred to as 'SARFAESI Act'). It appears advocate for the Petitioner could not obtain the instructions as the person who was giving instructions on behalf of the PetitionerCompany was not traceable. Be that as it may, vide order dated 5.6.2018, interim relief was declined by Division Bench of this Court to the Petitioners.

(3.) Mr. Gupta appearing for the RespondentBank has placed on record orders passed in proceedings adopted by the Petitioner herein as well as by his socalled tenant M/s. Pravin Wipers and Ancillaries Pvt. Ltd who claimed to be in possession of the secured asset, of which possession was scheduled to be taken by the Circle Inspector vide notice dated 11.5.2018.