JUDGMENT :

1. By way of the present petition, petitioners are invoking the issuance of writ against the impugned notice issued by the respondent-Bank under the provisions of Section 13(2) of the Securitization & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the SARFAESI Act, 2002') dated 16.07.2021, by virtue of which the respondent-Bank has demanded a sum of Rs.33,96,571/-to the directors of the company/guarantor of Pentacool Soft Drinks Private Limited (hereinafter referred to as 'the Company' for short) registered under the provisions of the Companies Act, 2013. The said notice mentions the present petitioner in the capacity of guarantor. It is the case of the petitioners i.e. petitioner no.1 Rajeshkumar Sukumaran Nambiar was one of the founder directors of the company, which came to be incorporated on 01.04.2011. In all there were two directors including the present petitioner no.1.

2. It appears that the company had availed the financial facility from the respondent-Bank, against which the residential property mentioned in the Schedule-III in the impugned notice dated 16.07.2021 came to be mortgaged. It is further stated that alongwith the property of the petitioner No.1, the other director had also mortgaged immovable property as a security and that the petitioner no.2 stood as guarantor of the petitioner no.1.

3. It is stated that one more Director came to be added/appointed in the company viz., Aparna Mangal Bariwal and necessary resolutions/changes came to be passed in this regard.

4. The petitioners thereafter tendered their resignation on 14.11.2017, which was accepted by the Board of Directors. That necessary resolution also came to be filed before the Registrar of Companies and the aforesaid change was also accordingly carried-out by the authority. The petitioners have also applied by preferring the Form No. DIR-12 under Section 168 before the Ministry of Corporate Affairs.

5. It appears that the petitioner no.1 approached the respondent Bank addressing a communication dated 02.08.2018 requesting to release his property mortgaged with the Bank and to issue No Due Certificate, in view of the fact that the property of the Director, who is subsequently added, has already offered his property as a security which is also mortgaged by the respondent bank. It appears that the bank issued No Due Certificate on 27.03.2019 which is duly produced (at page no.38), subject to the payment of Rs.20,00,000/-towards the said liabilities and subject to the liabilities of other Directors of the Pentacool Soft Drinks Pvt. Ltd.

6. The petitioner no.1 by proposal dated 05.03.2019 proposed to deposit a sum of Rs.20,00,000/-so as to secure the bank proportionately. The said proposal dated 05.03.2019 came to be acknowledged by the respondent Bank, and accordingly, the payment came to be made. It is further stated that the total liability at the time of the communication dated 14.11.2017 was approximately Rs.41,00,000/-against which the Bank was already having collateral security worth Rs.87,00,000/-(clubbing the property of two directors except the property of the present petitioners), which was sufficient to cover the loan amount, and therefore, the property of the petitioners was required to be released.

7. It is stated that as on date, as per the impugned Notice dated 16.07.2021 issued under Section 13(2) of the SARFAESI Act, 2002, the respondent-Bank has demanded a sum of Rs.33,96,571/-to the directors of the company in default. The said notice reflected the names of the petitioners as well as the mention of clause which reflects that under the eventuality the demand is not satisfied, the bank shall be constrained to recover the same by sale of the mortgaged property, which also includes the property of the petitioners as property-III.

8. In view of above, the respondent-Bank was pleased to issue No Due Certificate releasing the petitioners from all such liabilities arising in the