U.C.DHYANI
Morbet Health Care (P) Ltd. – Appellant
Versus
Punjab National Bank – Respondent
U.C. DHYANI, J.
By means of present writ petition, the petitioner seeks following relief, among others:
“(i) Issue a writ, order or direction in the nature of certiorari to quash the notice dated 2.1.2016 & 6.1.2016 (annexure no. 1 & 2) issued u/s 13(2) of the ‘SARFAESI Act’, 2002 and further quashing the action of the respondent bank dated 2.1.2016 & 6.1.2016 classifying the account of the petitioner Company as NPA.
(ii) To issue a writ, order or direction in the nature of mandamus commanding the respondent Bank not to proceed under the SARFAESI Act of 2002 against the petitioner.”
2. The petitioner is a private limited company and is engaged in the business of marketing of Allopathic and Ayurvedic Medicines (Ayurvedic Syrup in the name of crack stone and clear stone for removal of the kidney stone, medicated soap and cream in the name of Light and White cream and sopa and a capsule in the name of Devifit for Diabetes. In August, 2013, the petitioner (hereinafter referred to as the borrower company)availed a C.C. limit facility for Rs. 25 lakhs as a working capital from the Punjab National Bank (respondent herein), which was subsequently enhanced to Rs. 80 lakhs in June, 201
Login now and unlock free premium legal research
Login to SupremeToday AI and access free legal analysis, AI highlights, and smart tools.
Login
now!
India’s Legal research and Law Firm App, Download now!
Copyright © 2023 Vikas Info Solution Pvt Ltd. All Rights Reserved.