VIJAY KUMAR SINGH Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) HEARD the parties.

(2.) THE matter at issue is the action taken by the respondent State Bank of India and its functionaries, who are the respondents in the present writ petition, under Section 13(4) of The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'SARFAESI Act') against M/S Prachi Exim India Ltd., Bhagalpur (hereinafter to be referred to as 'the Company') of which the petitioner claims to be one of the Directors.

(3.) THE petitioner claiming to be one of the Directors of the Company has filed this frivolous and unwanted writ petition with a very vague prayer indicated in paragraph no.1 of the writ petition that the respondent Bank and its functionaries may be restrained from taking any action under the SARFAESI Act, purportedly with respect to the secured assets of the Company. It is not in dispute that the respondent Bank issued a notice under Section 13(2) of the SARFAESI Act against the Company, the borrower of the Bank, on account of default in payment of secured debts and consequential classification of its account as non -performing asset. However, despite the aforesaid notice issued to the Company in writing, it failed to discharge its liability to the secured creditor within the period prescribed, as a result thereof, the respondent Bank took action under Section 13(4) of the SARFAESI Act against the said Company.