NIRMAL NAHA & BEYOND AND ORS. Vs. THE AUTHORISED OFFICER, STATE BANK OF INDIA STRESSED ASSETS RECOVERY BRANCH

JUDGEMENT

(1.) In this writ application the petitioners prays for a writ of mandamus commanding respondent bank to give effect to the scheme for one time settlement notified by the respondent bank in so far as the petitioners are concerned and also for a writ of certiorari to quash the E -Auction notice dated 19 February, 2013 in respect of the property kept as security with the respondent bank.

(2.) The petitioner No. 1 is a partnership firm of which the petitioner Nos. 2 and 3 are partners.

(3.) On 18 June, 2005 the respondent bank sanctioned a Cash Credit facility to the tune of Rs. 20 lacs in favour of the petitioners. As security for such facility the petitioners created equitable mortgage of a plot of land measuring 5 cottahs with a two storied building thereon situated at premises No. 19/2/1, Kalibari Lane, Kolkata -32. On 14 September 2006 the Cash Credit limit was increased to Rs. 30 lacs. On 13 February, 2008 the limit was further enhanced to Rs. 40 lacs.