UCO BANK Vs. M/S ASHA OIL INDUSTRIES

JUDGEMENT

(1.) The instant Writ Petition under Article 226(1) of the Constitution of India is filed seeking following reliefs:-

(2.) Precisely stated facts of the case are that petitioner/ UCO Bank is a Government of India undertaking which is established under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. Respondent No.1 is a proprietorship concern acting through its proprietor Shri Pradeep Shivhare and respondent No.2- Smt. Poonam Shivhare. They availed the Cash Credit (Hypothecation) Limit to the extent of Rs.05.00 crores from the petitioner/ Bank from time to time. As a security of loan, respondents mortgaged their immovable properties comprising of Plot No.63 Malanpur Industrial Area, Bhind Road, District Bhind, M.P. (Mortgage property no.1) and plot no.58, Laxmibail Colony, Gwalior (M.P.) (Mortgaged property no.2). Respondents failed to comply with various terms of loan agreements and defaulted. Therefore, Loan Account of respondents was classified by the petitioner/ Bank as Non-Performing Assets (NPA) w.e.f. 31/10/2018 in accordance with the guidelines issued by the Reserve Bank of India from time to time. Chain of events precipitated filing of this petition.

(3.) Following list of dates and events are worth consideration and the same are as under:-