This Writ Petition is filed for issuance of a Writ in the nature of Certiorari for quashing the Impugned Communication dt.16.05.2018 (Annexure P-1) issued by respondent-Bank whereby the request dt.10.05.2018 (Annexure P-2) of the petitioner’s company to grant a further time beyond stipulated date of 21.05.2018 for making repayment of balance amount of ₹2.52 Crores (alongwith interest on Bank rate) out of total One Time Settlement amount of ₹10.54 Crores, has been declined.

The petitioner is a private Company incorporated under the Companies Act, 1956 engaged in sale of electronics goods.

Vide sanction letter dt.28.08.2012, the respondent-Bank sanctioned a cash credit (Hypothecation) Limit of ₹15.00 Crores to the petitioner. For the said loan, stocks/assets of the petitioner’s Company were offered for hypothecation as primary security, and for additional security, an equitable mortgage of property, comprising Hotel Metro, SCO No.401-402, Sector 35, Chandigarh in the name of M/s AMG Hotels Pvt. Ltd. having value of 26.30 Crores, was also offered.

The petitioner’s business suffered a setback allegedly on account of recession or global economic meltdown in the year 2014 and the loan accou