Mumbai Court December 2004 Judgments
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Asha Oil Foods Pvt. Ltd. Vs. the Jalgaon Janta Sahakari Bank Ltd. and ...
Court: Mumbai
Decided on: Dec-01-2004
Reported in: 2005(2)ALLMR721; IV(2005)BC29
A.H. Joshi, J.1. The petitioner herein has moved this Court for following relief :'C. By appropriate writ, order or direction the letters dated 20.10.2004 and 8.11.2004 issued by the Respondent Bank may kindly be quashed and set aside.D. By appropriate writ, order or direction it be declared that the provisions of the Securitisation Reconstruction of Financial Assets And Enforcement of Security Interests Act cannot be applicable to the petitioner company i.e. M/s. Asha Oil Foods Pvt. Ltd.'2. The brief backgrounds and admitted facts leading to the petition can be summarised as hereinafter:The petitioner a limited company is having its industry at Dhule. It had obtained from respondent Nos. 2 and 3 Bank, a loan of the sum of Rs. 38 lacs in 1997. The debt became non performing as on 1.7.1999. The Bank having failed to receive the amount due, approached the competent authority under Maharashtra Co-operative Societies Act (hereinafter referred to as the MCS Act for brevity), for adjudicatio...