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IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH AT NAGPUR
ANIL S.KILOR, RAJNISH R.VYAS
Archana Wani D/o Deepak Wani – Appellant
Versus
Indian Bank (Erstwhile Allahabad Bank) – Respondent
JUDGMENT :
( Per : Rajnish R. Vyas )
The petitioner is a Director and Shareholder of respondent No. 5/ N. Kumar Housing and Infrastructures/ mortgager. Respondent Nos.1 and 2 had extended term loan facility to Respondent No. 4 /principal borrower for the advancement of business of contractor (Development and Construction of Club House cum Resort Project).
2. A request of principal borrower was considered by the respondent Nos. 1 and 2 and accordingly term loan of Rs. 62 crores was granted on 8.3.2011. The sanction of the term loan was at the floating interest and cost of project was initially Rs. 93.70 crores. The tenure of repayment was 110 months. Respondent No. 5 had also executed deed of guarantee and mortgaged documents to secure the loan, so also, letter confirming deposit of title deed.
3. As the principal borrower defaulted in repayment of loan due, same resulted into classification of credit facility as non performing asset on 31.3.2017.
4. Consequently recourse to Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, “SARFAESI Act”) was taken by res. no. 1 and 2, since notice was not complied. Fu
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