Liladhar Ladappa Kendole VS Solapur Janata Sahakari Bank Ltd.

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

S.J.KATHAWALLA, ABHAY AHUJA
Liladhar Ladappa Kendole – Appellant
Versus
Solapur Janata Sahakari Bank Ltd. – Respondent

Counsel for the Parties:
For the Petitioner:Mr. Subhash Jha with Mr. Tanmay Malusary and Mr. Tushar Bansode i/b Law Global Advocates, Advocates
For the Respondent No.1-Bank:Mr. Puneet Gogad, Advocate
For the Respondent No.5-Auction Purchaser:Mr. Mayank Bagla i/b Mr. Kushal Sawant, Advocate

JUDGMENT

Rule. Rule made returnable forthwith. By consent of counsel for the parties, the petition is heard finally.

2. By this Petition filed under Article 226 of the Constitution of India, 1950, Petitioner seeks to challenge the order dated 15.08.2021 passed by respondent no.2-District Magistrate, Solapur under Section 14 of the Securitisation And Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Act”) in Secu./SR/64/2020 and the auction notice dated 20th February, 2021 issued by Respondent No.1 – Bank and also the auction which has already taken place and sale price received from Respondent No.5.

3. The facts leading to the filing of the petition are as under:—

Petitioner had availed of financial assistance of term loan and cash credit facility of total amount of Rs. 4,55,00,000/- from the respondent no. 1 Bank out of which a total of Rs. 2,69,00,000/- was disbursed on the security of its property i.e. factory property at village Kumbhari, Solapur and house property at New Pacchha Peth, Solapur.

4. On 31.05.2019, the respondent no.

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S.J.KATHAWALLA, ABHAY AHUJALiladhar Ladappa Kendole – AppellantVersusSolapur Janata Sahakari Bank Ltd. – Respondent

Cases Referred (2)

S.J.KATHAWALLA, ABHAY AHUJA
Liladhar Ladappa Kendole – Appellant
Versus
Solapur Janata Sahakari Bank Ltd. – Respondent