REKHA MISHRA Vs. DIRECTOR, KHADI GRAM UDYOG AYOG

JUDGEMENT

(1.) BY this petition under Article 226 of the Constitution of India, the petitioner is seeking following reliefs:

(2.) IN nutshell, the case of the petitioner is that under the margin money scheme (annexure P/1) (for bravity, "the Scheme") floated by the Khadi Gram Udyog Gramin Rozgar Scheme, the petitioner filed requisite application (annexure P/2) for installation of Stone Crusher. The 5th respondent Dy. Director/Manager, Gram Udyog Jila Panchayat Karyalaya, Seoni provide training to the petitioner under the said Scheme and also issued a certificate to her (annexure P/3). On 11.5.2002, the Branch Manager, Chhindwara Seoni Gramin Bank, Branch Bandol, Chhindwara respondent no.4 (with effect from 8.4.2008 on account of amalgamation of various Gamin Banks, the nomenclature of the Bank has become "Satpura Narmada Kshetraya Gramin Bank" who is respondent no.3) granted financial assistance of Rs. 7,85,000/ (term loan Rs.5,85,000 + cash credit two lac = Rs. 7,85,000/ ) to the petitioner under the said Scheme. Copy of sanction of loan dated 4.4.2002 is Annexure P/4 while copy of sanction letter dated 11.5.2002 is Annexure P/5.

(3.) ACCORDING to the petitioner, the respondent no.3 on account of non receipt of the margin money which was required to be sent by respondents no.1, 2 and 5 under the Scheme (annexure P/1) issued a recovery notice (annexure P/9) on 2.1.2009 and directed to repay the loan amount and interest thereupon. Thereafter, again on 22.11.2010 the respondent no.3 sent another notice Annexure P/10 to the petitioner. Thus, the Bank has calculated the principal amount with interest Rs. 11,54,420/ from 1.2.2002 to 4.12.2010 and cash credit account amount with interest Rs. 3,00,617/ , in total Rs. 14,55,037/ (annexure P/12). Ultimately, the respondent no.3 finally issued a notice (annexure P/13) under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, the SARFAESI Act) to the petitioner. Hence, this petition has been filed.