CHOWHAN EXPORTS LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) THE petitioners in this WP under art.226 dated December 14, 2011 are seeking the following principal reliefs:

(2.) THE petitioners borrowed some money from Punjab National Bank. They were in default on the loan. Consequently, the bank initiated proceedings under provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Against measures taken under s.13(4) of the Act, the petitioners made an application before the Debts Recovery Tribunal under s.17 of the Act.

(3.) THE application under s.17 was dismissed by the Tribunal for non -appearance of the petitioners. It was subsequently restored to file. Against restoration order proceedings were initiated before this Court under art.227; they are pending. In the meantime, the bank assigned the secured assets to one Assets Reconstruction Company(India) Limited (the third respondent). Assets Reconstruction Company(India) Limited again assigned the secured assets to one Kotak Mahindra Bank Limited (the fourth respondent).