ALIROMA CHEMICALS PVT LTD Vs. ALLAHABAD BANK

JUDGEMENT

(1.) CHALLENGE in the writ petition is to the notice dated 21. 8. 07 issued by allahabad Bank (hereafter the Bank) under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereafter the said Act) basically on the grounds that the notice lacks transparency, it does not disclose material particulars thereby disabling the petitioners to lodge an effective objection, the security interest sought to be enforced by the Bank does not exclusively belong to it and that the action of the bank is barred by the laws of limitation as also Section 36 of the said Act.

(2.) THE writ petition was moved on notice to the Bank before a learned Judge of this Court on 5. 12. 07. While calling for affidavits, the learned Judge by an interim order stayed the operation of the impugned notice for a limited period. The petitioner was also restrained from encumbering the property any further.

(3.) BY filing G. A. No. 3813 of 2007, the Bank has prayed for vacating the interim order by which operation of the impugned notice was stayed.