JUDGMENT

SANJEEV NARULA, J. (Oral):

1. Petitioner has invoked Article 226 of the Constitution of India seeking release of Fixed Deposit Receipts [“FDRs”] claiming that the lien/charge created thereon stands discharged, and the bank is unlawfully withholding the same.

2. Mr. Neeraj Malhotra, Senior Counsel for the Petitioner-Honey Builders Limited [“HBL”], has handed over a brief note of written submissions across the board, which is taken on record.

3. Briefly, facts of the case are as follows:

3.1. For participating in a scheme for external development works of a residential plotted colony in Gurugram, Department of Town and Country Planning, Haryana [“DTCP Haryana”] called upon Supertech Limited to furnish Bank Guarantees [“BGs”] for which they approached the Respondent – Union Bank of India (formerly Corporation Bank) [“Bank”].

3.2. The Bank asked Supertech Limited to secure the BG by way of

100% cash margin, and if furnished by a third-party security, the same would be by way of a Memorandum of Charge/Lien.

3.3. In above background, HBL, which at that time was a sister concern of Supertech Limited, came into the picture. It created security by executing two documents, both dated 31st