SYSTEM ELECTRICAL CONSTRUCTION COMPANY Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) The petitioners have invoked the extra-ordinary jurisdiction of this Court under Article 226/227 of the Constitution of India for issuance of a writ in the nature of prohibition or certiorari or any other writ, order or direction to the respondent to consider the settlement proposal submitted by petitioner no.1.

(2.) Due to default in re-payment of the amount of credit facilities advanced by the Indian Overseas Bank, the proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the SARFAESI Act') were initiated by the respondent-bank.

(3.) As per the information available, the petitioners are liable to pay Rs.3,28,19,441.30. The respondent-bank has already published sale notice for sale of immovable properties.