REKHA LUTHRA Vs. BANK OF BARODA

JUDGEMENT

(1.) The present writ petition has been filed seeking quashing of notice dtd. 19/1/2018 (Annexure P-4) issued under Sec. 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (for brevity, 'the SARFAESI Act') as the petitioner is ready and willing to regularise the cash credit limit by making the payment of overdue amount along with interest.

(2.) The petitioner is a proprietor of M/s Gunjan Jewellers, Civil Lines, Jalandhar City, Punjab. Bank of Baroda, Adarsh Nagar Branch, Jalandhar, has been arrayed as respondent in the present writ petition.

(3.) The petitioner vide sanction letter dtd. 9/7/2014 availed a cash credit limit of Rs.2.00 crores and term loan of Rs.20.00 lakhs from respondent-bank. The term loan was to be rapaid in 60 equal monthly installments. In order to secure the credit facilities, the following properties were given as security :-