SHREE CHANDRASHEKHAR
J. G. Garments, through its Proprietor, Ranchi – Appellant
Versus
Central Bank of India, Mumbai, through its Chairman-cum-Managing Director – Respondent
SHREE CHANDRASHEKHAR, J.
1. Seeking quashing of letter dated 11.08.2014 whereby, the representation/objection of the petitioner under Section 13(3A) of the SARFAESI Act, 2002 has been dismissed, the petitioner has approached this Court by filing the present petition.
2. The brief facts of the case are that, in the year, 2002 a cash credit loan of Rs. 2,00,000/- was sanctioned to the petitioner, for which the petitioner provided liquid security in the form of fixed deposit of Rs. 25,000/- and it deposited original title deed of loan for equitable mortgage in favour of the respondent-bank. Subsequently, the cash credit limit was enhanced and finally on 24.11.2005, it was enhanced to Rs. 8,00,000/. The security given by the petitioner is to the tune of Rs. 1,90,000/- and in addition to the said security it submitted NSC for Rs. 50,000/- and LIC policy for Rs. 19,500/. In view of the growth in business, the petitioner required additional capital, for which it requested the respondent-bank to grant additional facilities however, it was not granted and thus, the loan account became irregular in December, 2010. Vide letter dated 19.07.2011, the petitioner's account became NPA. Th
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