ANIL KUMAR TIWARI Vs. STATE OF RAJASTHAN

JUDGEMENT

(1.) By way of filing the present criminal misc petition, the petitioners have prayed for the following reliefs:--

(2.) Succinctly stated facts of the present case are that M/s. Parashwanath Stone Impex (hereinafter referred to as "the firm"), through its partners i.e. the respondent No. 2 Mr. Mahendra Kumar Jain, Smt. Nirmala Jain and Smt. Seema Sunil Shah, had availed a Cash Credit loan ofRs. 20,00,000/- and a Term loan of ' 50,00,000/- (in totalRs. 70,00,000/-) from Bank of Baroda, Bijoliya Branch, District Bhilwara against the following securities:--

(3.) The borrowers failed to make payment of the principal as well as the interest charged on the loan and therefore, the aforesaid loans were declared non-performing assets and a demand notice dtd. 29/4/2016 under Sec. 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "SARFAESI Act") for the total due amount ofRs. 66,45,613/- along with interest w.e.f. 31/3/2016 was served upon the firm. In the notice it was clearly stated that in case the demand/payment is not made, the immovable property i.e. Industrial land admeasuring 2590.90 Sq. Mtrs. on part of Araji Nos. 1417/1, 1418 and 1419, Khata No. 229, situated at back side of Shri Parashwanath Jain Mandir, Near NH- 76, Gram Bijoliya, Tehsil Bijoliya, District Bhilwara shall be subjected to proceedings under Sec. 13(4) of SARFAESI Act for the enforcement of security interest.