NIHAR RANJAN BHATTACHARJEE Vs. UNION OF INDIA

JUDGEMENT

(1.) The challenge in this writ petition is to the notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

(2.) The petitioner is a retired State Government employee and he owns a plot of land at Guwahati wherein he has constructed a two-storied building. He stood guarantor for repayment of the loan obtained by the respondent No. 4 from the State Bank of India, by mortgaging the said immovable property. The financial assistance by way of loan rendered to the respondent No. 4 by the Bank was for Rs. 13,50,000/-. Apart from the loan agreement by and between the respondent No. 4 and the Bank, the petitioner also entered into a separate agreement undertaking to stand as guarantor in respect of the loan.

(3.) The respondent No. 4 after obtaining the loan from the Bank started his business in electric goods in the name and style of M/s. Real Deal Corporation. The respondent No. 5 is the wife of the respondent No. 4 and she has been working in the Bank. According to the petitioner, she taking advantage of her employment in the Bank managed to persuade the authorities of the bank to take over the loan account from the earlier bank i.e. State Bank of India by enhancing the credit limit from Rs. 13,50,000/- to Rs. 22,00,000/-. A fresh agreement was entered into by and between the respondent No. 4 and the respondent No. 2 Bank. The petitioner also entered into a fresh agreement dated 31-10-2001 with the respondent No. 2 Bank undertaking to stand as guarantor in respect of the loan account. The respondent No. 5 also stood as guarantor. He is an employee of the respondent No. 2 Bank.