LAKSHMI AGENCIES Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) Prayer in this Writ Petition is for setting aside order dtd. 23/4/2024 passed by learned Debts Recovery Appellate Tribunal, Kolkata [for short, DRAT].

(2.) Learned counsel for petitioners submits that petitioners availed of loan facility from Respondent No.2 / Bank and agricultural land in question was kept as security, for credit facility in question. Loan amount was enhanced from Rs.1,80,00,000.00 to Rs.2,85,00,000.00 on 22/1/2018. Memorandum of Deposit of Title Deeds was executed on 22/1/2018. Learned counsel for petitioners further submits that customers of 1st petitioner deposited an amount of Rs.1,50,00,000.00 to the current account bearing No. 06790200000560. Without consent of 2nd petitioner, the amount of Rs.1,50,00,000.00 was transferred from current account of 1st petitioner on 3/10/2017. In view of said illegal transfer, a complaint was submitted by petitioners before CBI for taking action against bank officials.

(3.) O.S.No.28 of 2020 was also filed by petitioners, the said suit is still pending. S.A.No.356 of 2021, challenging proceedings under SARFAESI Act initiated by respondents, was filed, however, it was dismissed by learned Debts Recovery Tribunal, Visakhapatnam vide order dtd. 20/4/2023 holding that property in question had been converted to non-agricultural purposes.