CENTRAL BANK OF INDIA Vs. PARVEEN JAIN

JUDGEMENT

(1.) Prayer in this revision petition filed under Article 227 of the Constitution of India is for setting aside the order dtd. 20/7/2020 (Annexure P-4) passed by learned Civil Judge (Junior Division), Ludhiana vide which respondent No.2-defendant has been directed that in case of alienation of suit property, make recital in the deed itself about the pendency of suit and the Registrar was also directed to make red entry in this regard in the revenue record; and order dtd. 19/11/2020 (Annexure P-6) passed by learned Additional Civil Judge (Senior Division), Ludhiana whereby application moved by the petitioner-Bank under Sec. 151 CPC for clarification of order dtd. 20/7/2020, has been disposed of.

(2.) The brief facts of the case are that the petitioner is a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and is carrying on business as Banker. Respondent No.2 is the Director of M/s Dove Apparels Private Limited, which Company deals with the business of manufacturing of Woolen Kurti, Legging, Cardigans etc. at Ludhiana. Respondent No.2 availed loan facilities from petitioner-Bank. The petitioner Bank is a secured creditor of M/s Dove Apparels Private Limited through its Directors respondent No.2-Manisha Jain and Neeraj Kumar Jain as borrower. Respondent No.2 is also the guarantor. To secure the interest of the Bank, various immovable/movable properties were mortgaged by respondent No.2 which includes (i) the property i.e. factory land and building located at B-32, E-14/1674, Karabara Bahadur Ke Road, Ludhiana, measuring 1315 square yards in the name of M/s Dove Apparel Private Limited; (ii) equitable mortgage of residential property bearing plot No.11, Abadi Sharman Ji Vatika near Raja Garden, Barewall Awana, Ludhiana bearing MC No.B-XIX-1405/50/11 measuring 463 square yards registered in the name of respondent No.2- Manisha Jain and the movables of M/s Dove Apparels Private Limited were also charged in favour of the petitioner-Bank. Since the mortgagors/guarantors of said Company failed to maintain financial discipline, they were classified as NPA by the petitioner-Bank on 29/9/2019. The petitioner-Bank also issued notice under Sec. 13(2) of SARFAESI Act on 1/10/2019 (Annexure P-1). The petitioner-Bank also approached Debts Recovery Tribunal-III, Chandigarh for recovery of amount. The petitioner-Bank under the SARFAESI Act took symbolic possession of the mortgaged properties on 1/1/2020 and thereafter, physical possession in January, 2021.

(3.) Aggrieved against the aforesaid orders dtd. 20/7/2020 and 19/11/2020, petitioner-Bank has approached this Court by way of present revision petition.