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Gain N Nature Food Products Rep. By its Sole Proprietor & Another v/s Union Of India Rep. By Secretary To Government & Others


Company & Directors' Information:- B. P. FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15311MP1994PTC032994

Company & Directors' Information:- S P P FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15412DL2004PTC128666

Company & Directors' Information:- J S FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15314OR1991PTC002964

Company & Directors' Information:- H R B FOOD PRODUCTS PVT LTD [Active] CIN = U15146WB1988PTC045281

Company & Directors' Information:- V D FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15400DL2012PTC231717

Company & Directors' Information:- P R FOOD PRODUCTS PRIVATE LIMITED [Strike Off] CIN = U74899DL1989PTC030483

Company & Directors' Information:- S S FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15310MH2003PTC142530

Company & Directors' Information:- B K FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15312OR1996PTC004541

Company & Directors' Information:- O H P FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U52205DL1999PTC100269

Company & Directors' Information:- K V FOOD PRODUCTS PRIVATE LIMITED [Strike Off] CIN = U15122DL2007PTC162739

Company & Directors' Information:- K. C. FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15431JK1982PTC000554

Company & Directors' Information:- K I C FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15316DL1979PTC009757

Company & Directors' Information:- THE INDIA COMPANY PRIVATE LIMITED [Active] CIN = U74999TN1919PTC000911

Company & Directors' Information:- R B FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15313DL2010PTC202753

Company & Directors' Information:- R K B FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15490KL2013PTC033500

Company & Directors' Information:- S K G FOOD PRODUCTS PRIVATE LIMITED [Strike Off] CIN = U15419UP1991PTC013771

Company & Directors' Information:- B H FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15134DL1997PTC084273

Company & Directors' Information:- N S FOOD PRODUCTS PVT LTD [Strike Off] CIN = U15412WB1992PTC055591

Company & Directors' Information:- H N FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15146UP1990PTC011540

Company & Directors' Information:- V K FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15412UP1988PTC010023

Company & Directors' Information:- INDIA CORPORATION PRIVATE LIMITED [Active] CIN = U65990MH1941PTC003461

Company & Directors' Information:- B M FOOD PRODUCTS PVT LTD [Strike Off] CIN = U15419WB1993PTC060386

Company & Directors' Information:- I K FOOD PRODUCTS PVT LTD [Strike Off] CIN = U15412WB1991PTC051852

Company & Directors' Information:- S S V FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15499AP1982PTC003547

Company & Directors' Information:- S Q P FOOD PRODUCTS PRIVATE LIMITED [Strike Off] CIN = U15100MH2003PTC139217

Company & Directors' Information:- F S FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15311MH2000PTC126031

Company & Directors' Information:- Z K FOOD PRODUCTS PRIVATE LIMITED [Strike Off] CIN = U15400MH2010PTC209818

Company & Directors' Information:- M B S FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U01112WB2003PTC096375

Company & Directors' Information:- N D FOOD PRODUCTS PRIVATE LIMITED [Strike Off] CIN = U15131DL2002PTC115754

Company & Directors' Information:- C K M FOOD PRODUCTS PRIVATE LIMITED [Strike Off] CIN = U51909KL1998PTC012358

Company & Directors' Information:- G S C FOOD PRODUCTS PVT LTD [Strike Off] CIN = U15316WB1985PTC038398

Company & Directors' Information:- A K G FOOD PRODUCTS PVT LTD [Under Liquidation] CIN = U15412WB1990PTC049789

Company & Directors' Information:- J M D FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15419DL1998PTC097578

Company & Directors' Information:- L K FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15200TG2016PTC103411

Company & Directors' Information:- FOOD PRODUCTS PRIVATE LIMITED [Strike Off] CIN = U15431JK1966PTC000304

Company & Directors' Information:- R R FOOD PRODUCTS PRIVATE LIMITED [Active] CIN = U15490PN2015PTC154753

Company & Directors' Information:- A N FOOD PRODUCTS PRIVATE LIMITED [Strike Off] CIN = U15400TG2013PTC091969

Company & Directors' Information:- R V S K FOOD PRODUCTS PRIVATE LIMITED [Strike Off] CIN = U15490DL2012PTC245851

Company & Directors' Information:- K G Y FOOD PRODUCTS PRIVATE LIMITED [Strike Off] CIN = U15400KA1984PTC005909

Company & Directors' Information:- FOOD PRODUCTS (INDIA) PVT. LTD. [Strike Off] CIN = U15311HR1994PTC032356

Company & Directors' Information:- M K FOOD PRODUCTS PVT LTD [Strike Off] CIN = U15209DL1979PTC009924

    W.P.Nos. 34964 & 34965 of 2013

    Decided On, 27 February 2014

    At, High Court of Judicature at Madras

    By, THE HONOURABLE MR. JUSTICE M. JAICHANDREN & THE HONOURABLE MR. JUSTICE K. KALYANASUNDARAM

    For the Petitioners: P.V. Balasubramaniam for BFS Legal, Advocates. For the Respondents: R2 & R3, F.B. Benjamin George, Advocate.



Judgment Text

(Prayer: This writ petition has been filed to issue writs of Mandamus forbearing the Respondents from proceeding against the Petitioners under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act 2002 on the basis of any amount other than the consideration at which the 2nd respondent assigned the financial assets to the Petitioner to the 3rd respondent.)

M. Jaichandren, J.

1. Since the issues involved in both the writ petitions are similar in nature, they have been taken up together and a common order is being passed.

2. Heard the learned counsel appearing for the petitioners and the learned counsel appearing on behalf of the second and the third respondents.

3. These writ petitions have been filed praying that this Court may be pleased to issue writs of Mandamus forbearing the respondents from proceeding against the petitioners, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

4. In W.P.No.34965 of 2013, it has been stated that the petitioner is a company dealing in nutritional and health care products. The petitioner company's annual turn over is close to 45 crores.

5. In W.P.No.34964 of 2013, it has been stated that the petitioner is a company manufacturing health drinks and supplements.

6. The petitioners had approached the second respondent bank for obtaining a loan and for the extension of certain credit facilities. The petitioners had furnished several items of immovable properties as securities for the loans obtained from the second respondent bank. While so, the petitioner companies had defaulted in the repayment of the loans obtained by them due to various market and other factors. Therefore, the second respondent bank had issued notices dated 1.8.2007, under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. No reply had been sent by the petitioners to the said notices, as the petitioners had approached the second respondent bank for settling the matters. While so, the second respondent bank had assigned the loans to the third respondent, without disclosing to the petitioners the same.

7. No notices had been issued to the petitioners before the second respondent had assigned the loans to the third respondent. However, the third respondent had issued notices to the petitioners, dated 1.11.2013, under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioners had sent replies, dated 14.12.2013, explaining their position. The petitioners had also wanted the third respondent to furnish certain documents, which were in its possession, to submit replies to the claims made by the third respondent. However, the relevant documents had not been furnished to the petitioners. The One Time Settlement offer made by the petitioners had not been accepted by the third respondent. No valid reasons had been assigned for the non-acceptance of the proposal. The second respondent did not inform the petitioners about the assignment of the loans to the third respondent. Further, the actual amounts assigned had not been informed to the petitioners, in spite of their requests for the necessary particulars. In such circumstances, the petitioners had preferred the present writ petitions before this Court, under Article 226 of the Constitution of India.

8. In view of the submissions made on behalf of the parties concerned and on a perusal of the records available, we are of the view that the present writ petitions, filed by the petitioners, are pre-mature in nature. we are of the considered view that it would not be open to the petitioners to pray for writs of Mandamus requesting this Court to forbear the respondents 2 and 3 from initiating proceedings against the petitioners, under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. No such reliefs could be granted to the petitioners, restraining the second and third respondents from initiating proceedings against the petitioners under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.Further, the petitioners cannot be held to be aggrieved parties, merely for the reason that notices under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002,had been issued against them.

9. It is also noted that it was open to the petitioners to submit their replies to the notices issued by the second and the third respondents, under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Thereafter, if further proceedings are initiated by the se

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cond and the third respondents, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the petitioners could challenge the same before the Debts Recovery Tribunal concerned, if so advised, in the manner known to law. In such circumstances, we are of the view that the present writ petitions preferred by the writ petitioners, before this Court, are premature in nature. Therefore, they are liable to be dismissed. Hence, they are dismissed. No costs. Connected M.P.Nos.1 and 1 of 2013 are closed.
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