RAUS CONSTRUCTIONS PVT. LTD. Vs. INDIAN BANK

JUDGEMENT

(1.) This Writ Petition is filed seeking a Writ of Certiorari to call for the records relating to the orders dt.16-05-2019 in S.A.No.171 of 2016 passed by the Debts Recovery Tribunal-I, Hyderabad and quash the same on the ground that it was arbitrary, illegal, capricious and violative of principles of natural justice and also the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the Act') and also Security Interest (Enforcement) Rules, 2002 and consequently declare the possession notice dt.05-02-2016 issued under Section 13(4) of the Act and the sale notice dt.10-01-2016 issued by 1st respondent as null and void and unenforceable.

(2.) The petitioner No.1 is an Infrastructure Company doing various projects.

(3.) On its application, the 1st respondent Bank sanctioned Open Cash Credit limited of Rs.2.40 crores, Working Capital Demand loan limit of Rs.9.60 crores and Bank Guarantee limit of Rs.25.00 crores. For these facilities, petitioner Nos.2 to 8 stood as guarantors.