KAAISER OILS PVT. LTD. Vs. ALLAHABAD BANK

JUDGEMENT

(1.) By presenting this writ petition dated March 23, 2015, the petitioners have prayed for, inter alia, the following relief:

(2.) It is not in dispute that close on the heels of presentation of this writ petition, the respondent bank issued demand notice under section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereafter the Act) dated March 30, 2015 claiming Rs.50,81,38,779.00 from the petitioners. Similar demand notice was issued to the guarantors.

(3.) Based on such demand notice, Mr. Ganguly, learned advocate for the respondent bank has objected to the maintainability of the writ petition. According to him, if the petitioners are aggrieved by the action of the respondent bank in taking recourse to section 13(2) of the Act, they ought to respond to such notice and allow the respondent bank to deal with the objection/representation before further action is taken in terms of the other provisions of the Act.