PARINEE REALTY PVT. LTD. Vs. ALLAHABAD BANK

JUDGEMENT

(1.) Heard learned counsel for the parties.

(2.) M/S. Pilot 2 Wheelers Pvt. Ltd. (R-4) and Nummer Eins Motors (India) Pvt. Ltd. (R-5) had obtained a credit facility from Allahabad Bank (R-1). M/s. Parivar Infrastructure Pvt. Ltd. (R-6) had stood guarantor and had also mortgaged a parcel of land ad-measuring 1000 squre meter forming part of survey no. 54, Hissa no.3 (Part) CTS No.418 (Part) and Survey No. 55 Hissa No. 2(Part) CTS No. 419 (Part) popularly known as Vithalwadi Jani Estate in village Borla Ghatia, Chembur, Taluka Kurla, Mumbai.

(3.) There being a default by R-5, proceeding under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), Allahabad Bank sought to take possession of the secured asset to realize the dues outstanding to the account of R-5 which at the relevant time was 7.2 crores. 7.2 crores.