MAYFAIR BIOTECH PRIVATE LIMITED Vs. CANARA BANK

JUDGEMENT

(1.) The petitioner is a Company registered under the Companies Act, 1956.

(2.) It had availed credit facility from Canara Bank (respondent) vide sanction letter dt. 3/7/2012 and the said Policy also incorporated a clause as regards term loan repayment which loan had been availed in March 2001.

(3.) According to the petitioner, there was a delay in release of term loan preventing the petitioner from commencing operations, buying machinery and also it was also disabled from meeting repayment obligations.