JUDGMENT

Urmila S. Joshi-Phalke, J. - Heard learned counsel for the petitioner and learned counsel for the respondent.

2. RULE. Rule is made returnable forthwith.

3. By invoking the jurisdiction of writ, the question raised by the petitioner in the present writ petition is whether the respondent-Bank has right to withhold the documents of security in view of Section 171 of the Indian Contract Act, 1872 (hereinafter referred to as 'the said Act' for short) under the right of general lien especially when petitioner has fully repaid the amount of loan.

4. Brief facts are as under :

A] The petitioner was in need of financial assistance. Accordingly, he approached to the respondent-Bank. He applied for loan of Rs.21,00,000/- (Rs. Twenty one lacs) before the respondent-Bank by way of loan application dated 13/08/2011.

B] The respondent-Bank sanctioned loan vide its sanction letter dated 06/09/2011 on condition that loan is repayable in 300 monthly installments. The petitioner is also a Director and Personal Guarantor in the Company under the name and style as 'Sunil Hitech Limited'. As the Company was in debt went in the liquidation. By an order of National Company Law Tribunal (hereinafter re