JUDGMENT :

1. Being aggrieved by the notice dated 31.05.2017 u/s 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short hereinafter to be referred as “SARFAESI Act, 2002”) as well as notice u/s 13(4) of SARFAESI Act, 2002 dated 09.03.2018 and for violation of terms and conditions of the sanction letter dated 12.03.2009 issued by the Ministry of Textiles and for violation of Fundamental Rights enshrined under Articles -14, 19 & 300A of the Constitution of India, the present writ petition has been filed with the following prayers;

“It is therefore, humbly prayed that Your Lordship may graciously be pleased to:

a) Call for the entire record of proceedings from the respondent;

b) declare the entire impugned action of the respondents, and notice under Section 13 (2) of the SARFAESI Act dated 31.05.2017 to be arbitrary, unlawful and unconstitutional and set aside (Annexure-4);

c) declare the entire impugned action of the respondents, and notice under Section 13(4) of SARFAESI Act dated 09.03.2018 to be arbitrary, unlawful and unconstitutional and set aside (Annexure-20);

d) declare and set aside the entire action initiated by the respondents under the SARFAESI Act to be illegal, perverse, unconstitutional and void ab initio;

e) direct the respondent no. 1 & 5 to intervene in the matter and take necessary & appropriate actions as per law to protect & preserve the first textile park of Rajasthan keeping in view of the aims & objectives of the 10th Five Year Plan;

f) in the alternative, this Hon’ble Court may appoint a Court commissioner having the understanding of the commercial laws and transactions to bifurcate the categories of members who are willing to pay the amount, who have paid the entire amount and further who have not paid the amount and further for recovery of the amount whatsoever, to be made from the members who have not paid the amount by disposing their respective sheds and any outstanding amounts thereafter be recovered by disposing off the Common area and any other such area in the project which is not operational and is not put to industrial use.

Any other appropriate writ, order or direction which may be considered just and proper in the facts and circumstances of the case may kindly be issued in favour of the petitioner.”

2. FACTS OF THE CASE:

(i) The Ministry of Textiles, Union of India launched scheme for Integrated Textile Parks across India to cope up with the global development. In this regard, on 16.09.2005 the respondent No. 1 entered into an agreement with the respondent No. 2 for providing expert advisory for development of Integrated Textile Parks.

(ii) On 21.09.2005, the petitioner entered into a Memorandum of Agreement (MoA) with respondent No. 2 and the project of the petitioner was approved by the Project Approval Committee on 25.11.2005 and allotment letter and lease deed were executed in favour of the petitioner by RIICO for a period of 99 years.

(iii) On 18.09.2006, individuals/juristic persons applied for membership of the said park by way of share subscription agreement. On 23.05.2008 and 27.02.2012, security trustee i.e. respondents No. 2 to 4 entered into an agreement for creating and maintaining security interest over the said land in terms of financing the Amendatory Security Trustee Agreement executed on 27.02.2012.

(iv) Common Loan Agreement dated 23.05.2012 was entered in between the petitioner and consortium of 15 banks and financial institutions through respondent No. 3 for fulfilling financial needs for the development of the project.

(v) On 12.03.2009 sanction letter releasing the second installment of grant-in-aid was issued by Ministry of Textiles to the petitioner. On account of default, on 02.02.2016 a letter was issued by respondent No. 2 stating therein that the members of the petitioner company who are intending to repay their arrears and respective shares in the loan facility account, their respective Units would be kept o