ORDER

Date : 26.8.2021 Heard Mr. S. Dutta, learned Senior counsel assisted by Mr. S. Dutta, learned counsel for the petitioner bank. Also heard Mr. R. Dubey, learned counsel for the respondent No. 3 and Mr.D. Boruah, learned counsel for respondent No. 4.

2. The United Bank of India (UBI) during its existence prior to amalgamation with the petitioner No. 1 Punjab National Bank (PNB) entered into a loan agreement with the respondent No. 4. Initially Rs. 20 Crores was for term loan and Rs. 6 Crores as a cash credit to the respondent No. 4 were sanctioned for setting up of a Cement Industry. To that effect UBI issued sanction letter dated 21.12.2009 with the following securities :

“6. Primary Security For Term Loan Primary:Hypothecation/mortgage of entire Fixed/Block Assets of the LLP(including land & building), both present & future Collateral:Charge on the current assets of the proposed project, present and future For Cash Credit Primary Hypothecation of the current assets of the proposed project, present and future Collateral (i) Charge on the Fixed/Block Assets of the LLP, (including land & building), both present &

future.

(ii) Liquid security of Rs. 50.00 lakh in the form of Bank’s T