UBICA INDUSTRIES Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Initially, the writ petition is filed by the petitioners with a prayer to quash the Demand notice dtd. 2/8/2013 (Annexure-2) issued by the authorized officer of the State Bank of Bikaner and Jaipur, Ashok Rajpath Branch, Patna wherein the petitioner was directed to repay the outstanding dues to the Bank for a sum of Rs.2,68,890.00 with interest as on 1/4/2013 within 30 days from the date of issuance of notice.

(2.) Further prayer sought is that for quashing of the Possession notice dtd. 7/10/2013 (Annexure-3) which was published in Hindustan Times daily Newspaper dtd. 11/10/2013 for which the aforesaid Demand notice was issued.

(3.) The brief averments of the petitioners are that the petitioner i.e. Ubica Industries was established by the petitioner No. 4 as proprietor. It is a joint family property wherein the elder brother of the petitioners namely, Binod Kumar approached the respondent Bank for financial accommodation for cash credit of Rs.1,30,000.00 with an undertaking for timely re-payment of the loan amount. The respondent Bank had sanctioned cash credit loan to the limit of Rs.1,30,000.00 with an interest of 14% per annum.