NOORBARI TEA CO P LTD Vs. UCO BANK

JUDGEMENT

(1.) The challenge in this writ petition is to the threatened action of the respondent bank to take action under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 without serving notice upon the petitioners under Section 13(2) of the Act.

(2.) The petitioner No. 1 is a company incorporated under the provisions of the Companies Act, 1956 having its registered office situated at Guwahati. The company is engaged in the business of manufacturing and sale of tea and for the purpose it owns a tea garden, which stands in the name and style of "Noorbari Tea Estate" situated at Tezpur, Assam.

(3.) The petitioner No. 1 company represented by the petitioner No. 2, one of the Directors, took a loan from the respondent No. 1 i.e. UCO Bank in the year 2001. The petitioners have admitted that there was lapse on their part towards repayment of the loan amount. In the writ petition, the petitioners have not furnished the details of the loan taken and the outstanding liability. It is the case of the petitioners that on 25-2-2006. a person namely Sri S. K. Roy, Manager of the respondent No. 4 company informed the petitioners that the company has been authorized by the respondent bank to take action against the petitioner company as per the provisions of the aforesaid Act. According to the petitioners, they were not aware of any such move of the Bank as they did not receive any communication.