MANKER FOOD COMPANY Vs. CHAIRMAN

JUDGEMENT

(1.) Heard on admission.

(2.) The facts adumbrated in nutshell are that the petitioner company availed the loan from the respondent Financial Institution i.e. Corporation Bank in the form of "Term Loan" for a sum of Rs.59 lacs and cash credit limit of Rs.10 lacs and also contributed sum of Rs. 35 lacs as the proprietors capital.

(3.) Upon perusal of the impugned notice, it is evident that the respondent Corporation Bank had issued a notice under sub-section-2 of Section 13 of the SARFAESI Act and thereafter by order dated 29-01-2019 the mortgaged property has been acquired in accordance with the provisions of Section 13(4) of the SARFAESI Act.