NEHA BEDI Vs. INDIAN BANK

JUDGEMENT

(1.) In this Writ Petition, the petitioner is challenging LOC issued against her on 8/3/2022 by respondent No.3 pursuant to the request dt.4/3/2022 made by respondent No.1 for issuance of the same. The background facts

(2.) The petitioner is a guarantor for the loan facilities availed by M/s Puneet Fashions Private Limited whose loan account was declared as an NPA and a notice dt.3/10/2012 was issued under Sec. 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [for short 'the SARFAESI Act, 2002'] by the erstwhile Allahabad Bank, predecessor of respondent No.1/Bank, demanding Rs. 120,05,71,911.09 as on 31/8/2012 within 60 days. Since the said amount was not paid by the said company, notice dt.13/2/2013 was also issued under Sec. 13(4) of the SARFAESI Act, 2002 to the borrower, petitioner and other guarantors.

(3.) The petitioner is also proprietor of M/s Neha Export Inc, a proprietory concern. The said concern had availed loan facilities of Rs. 14 crore from the Allahabad Bank and the petitioner was also guarantor for the said loan. The said loan account became NPA and a notice dt.3/10/2012 was issued under Sec. 13(2) of the SARFAESI Act, 2002 to her asking her to clear the outstanding dues of Rs. 18,40,57,501/- as on 31/8/2012.