IND SWIFT LIMITED Vs. UNION OF INDIA

JUDGEMENT

(1.) Petitioner has sought the issuance of a writ of Certiorari for quashing of notice dated 3-2-2016 issued u/S.13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the Act) as also a Writ of Mandamus for commanding the respondents to adhere to the provisions of law as applicable to the State of Jammu and Kashmir while dealing with the unit of the petitioner on the ground that the Act was not applicable in the State of Jammu and Kashmir and that the petitioner unit had availed loan facility from the respondent Bank for establishment of its unit at Samba and that while the unit was functional, the respondent Bank had resorted to proceedings under the Act which as per the concluded judgment of this Court was not applicable in the State of Jammu and Kashmir.

(2.) That it needs noticing that the impugned notice u/S.13 (2) SARFAESI was issued, inter alia to M/s. Ind Swift Ltd., a Company registered under that Companies Act, 1956 with its registered office at 781, Industrial Area, Phase II, Chandigarh, PIN - 16000, Sh. Navrattan Munjal r/o House No. 382, Sector 6 Panchkula, Haryana, Sh. Gopal Munjal r/o House No. 1085 Sector 7 Panchkula, Haryana, Sh. Sanjiv Rai Mehta r/o House No. 333 Sector 6, Panchkula Haryana, Sh. Rishav Mehta r/o House No. 322 Sector 6 Panchkula Haryana, Sh. Himanshu Jain r/o House No. 1133 Sector 21 B, Chandigarh, Smt. Nidhi Munjal r/o House No. 382 Sector 6, Panchkula, Haryana, Smt. Neeta Munjal r/o House No. 1085 Sector 7, Panchkula, Haryana by the Punjab National Bank, Asset Recovery Management Branch, Sector 17 B Chandigarh, on behalf of all Banks including the Bank of India from which the Company had availed credit facilities.

(3.) That a perusal of the impugned notice reveals that the same specifically mentions that the securities contemplated therein do not cover Stock/Book Debt/Plant and Machinery/Furniture Fixture etc., whether present or future relating to the State of Jammu and Kashmir. In addition thereto, perusal of the writ petition reveals the same having been filed by Ind Swift Ltd, IGC Phase 1, Samba, Jammu and Kashmir i.e. a unit of the Company having its registered office at Chandigarh against the Bank of India through its Jammu Branch without impleading the Lead Bank issuing the impugned notice and situated outside the State of Jammu and Kashmir.