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M/s. Mercury Exporters & Manufacturing P. Ltd. & Another v/s Punjab National Bank & Another


Company & Directors' Information:- MERCURY MANUFACTURING COMPANY LIMITED [Amalgamated] CIN = U28112TN1992PLC023798

Company & Directors' Information:- R K MANUFACTURING CO LTD [Active] CIN = L27209WB1984PLC037758

Company & Directors' Information:- R K MANUFACTURING CO LTD [Active] CIN = L27209GJ1984PLC098951

Company & Directors' Information:- J J EXPORTERS LTD [Active] CIN = L17112WB1972PLC028631

Company & Directors' Information:- K S V EXPORTERS PVT LTD [Active] CIN = U52201KL1991PTC006093

Company & Directors' Information:- C K EXPORTERS PRIVATE LIMITED [Converted to LLP] CIN = U74899DL1983PTC015092

Company & Directors' Information:- INDIA MANUFACTURING CORPORATION PRIVATE LIMITED [Active] CIN = U24100DL2010PTC198947

Company & Directors' Information:- S I A MANUFACTURING PRIVATE LIMITED [Active] CIN = U74120UP2013PTC057004

Company & Directors' Information:- S K M MANUFACTURING PRIVATE LIMITED [Active] CIN = U17200DL2011PTC223768

Company & Directors' Information:- S T S MANUFACTURING PRIVATE LIMITED [Active] CIN = U28112TZ2006PTC012940

Company & Directors' Information:- A S P MANUFACTURING COMPANY PVT LTD [Active] CIN = U27109WB1991PTC051461

Company & Directors' Information:- A K MANUFACTURING PVT LTD [Active] CIN = U51909MN1988PTC003110

Company & Directors' Information:- I T A C (INDIA) MANUFACTURING CO LTD [Dissolved] CIN = L51109WB1982PLC034689

Company & Directors' Information:- J D MANUFACTURING CO PVT LTD [Active] CIN = U51909WB1996PTC079825

Company & Directors' Information:- A S P MANUFACTURING COMPANY PVT LTD [Not available for efiling] CIN = U36900WB1991PTC005146

Company & Directors' Information:- B R D MANUFACTURING PRIVATE LIMITED [Active] CIN = U51109WB1997PTC085188

Company & Directors' Information:- R J S MANUFACTURING PRIVATE LIMITED [Active] CIN = U27104DL1997PTC090521

Company & Directors' Information:- B U MANUFACTURING PVT LTD [Active] CIN = U51109WB1982PTC035271

Company & Directors' Information:- M M MANUFACTURING PVT LTD [Active] CIN = U26922WB1993PTC059837

Company & Directors' Information:- J. C. MANUFACTURING INDIA PRIVATE LIMITED [Active] CIN = U21099WB2020PTC236821

Company & Directors' Information:- S B MANUFACTURING PRIVATE LIMITED [Strike Off] CIN = U31506WB1999PTC088567

Company & Directors' Information:- K. V. J. MANUFACTURING INDIA PRIVATE LIMITED [Active] CIN = U29308DL2017PTC320213

Company & Directors' Information:- A T E MANUFACTURING CO PRIVATE LIMITED [Amalgamated] CIN = U28999GJ1973PTC002296

Company & Directors' Information:- J P MANUFACTURING AND CO PVT LTD [Strike Off] CIN = U51226WB1982PTC034927

Company & Directors' Information:- D. K. MANUFACTURING (INDIA) LIMITED [Strike Off] CIN = U37200WB2011PLC170403

Company & Directors' Information:- K C D EXPORTERS PRIVATE LIMITED [Strike Off] CIN = U52599TN1996PTC035117

Company & Directors' Information:- S M MANUFACTURING COMPANY PRIVATE LIMITED [Active] CIN = U34300HR1997PTC057824

Company & Directors' Information:- G K MANUFACTURING PRIVATE LIMITED [Strike Off] CIN = U34300PB2012PTC036073

Company & Directors' Information:- P & B MANUFACTURING PRIVATE LIMITED [Active] CIN = U29254TN2010PTC076696

Company & Directors' Information:- B. V. H. MANUFACTURING INDIA PRIVATE LIMITED [Active] CIN = U74999GJ2018FTC100633

Company & Directors' Information:- MERCURY INDIA LIMITED [Active] CIN = U74999MH1992PLC068693

Company & Directors' Information:- R A MANUFACTURING COMPANY PRIVATE LIMITED [Strike Off] CIN = U36900HR2012PTC047669

Company & Directors' Information:- EXPORTERS (INDIA) LIMITED [Active] CIN = U51109MH1949PLC007061

Company & Directors' Information:- R K D EXPORTERS PRIVATE LIMITED [Strike Off] CIN = U51909PB1995PTC017237

Company & Directors' Information:- B AND L EXPORTERS PVT LTD [Strike Off] CIN = U51909KL1994PTC007825

Company & Directors' Information:- C S A EXPORTERS PVT LTD [Strike Off] CIN = U51909CH1983PTC005685

Company & Directors' Information:- J S S EXPORTERS PRIVATE LIMITED [Strike Off] CIN = U51909TZ2005PTC011860

Company & Directors' Information:- A K R MANUFACTURING PRIVATE LIMITED [Active] CIN = U19200RJ2012PTC041177

Company & Directors' Information:- C N C MANUFACTURING PRIVATE LIMITED [Strike Off] CIN = U64204DL2015PTC281449

Company & Directors' Information:- B R EXPORTERS PRIVATE LIMITED [Strike Off] CIN = U99999MH1973PTC016377

Company & Directors' Information:- MERCURY EXPORTERS PRIVATE LIMITED [Strike Off] CIN = U51900MH1975PTC018593

Company & Directors' Information:- EXPORTERS (INDIA) LIMITED [Dissolved] CIN = U99999MH1941PTC003430

    GA No. 1600 of 2014, APO No. 177 of 2014 & WP No. 353 of 2014

    Decided On, 20 May 2014

    At, Telangana State Consumer Disputes Redressal Commission Hyderabad

    By, THE HONOURABLE MR. JUSTICE SANJIB BANERJEE & THE HONOURABLE MR. JUSTICE SUDIP AHLUWALIA

    For the Petitioners: Debnath Ghosh, C.K. Dutta, Provat Sil, Advocates. For the Respondents: Siddhartha Banerjee, Victor Datta, Advocates.



Judgment Text

The Court:

The appeal is directed against an order of May 6, 2014 by which the writ petition has been dismissed on the ground that the petitioners' remedy under Section 17 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 would be available at the appropriate stage.

The writ petition was directed against a notice dated February 22, 2010 issued by the bank in exercise of its authority under Section 13(4) of the said Act. The bank did not take possession of the secured assets, but by the said notice conveyed its decision of taking possession of the secured assets if the petitioners failed to pay off the dues prior to May 12, 2010.

The Single Bench has noticed the judgments reported at AIR 2010 SC 3413 (United Bank of India vs Satyawati Tandon) and (2013) 9 SCC 620 (Standard Chartered Bank vs. V. Noble Kumar) for the width of the authority of the Debts Recovery Tribunal under Section 17 of the said Act. The order has not precluded the petitioners from approaching the tribunal at the appropriate stage to raise all points before it.

Two grounds are urged in the petition: that some of the secured assets are agricultural land and, as such, not amenable to the provisions of the said Act; and, that a sale notice has been published indicating imminent sale of the assets without possession of the secured assets being taken over by the bank.

Even if a secured creditor wants to proceed against the assets which are not covered by the Act, the Tribunal under the said Act would have the authority to undo any wrong that may have been committed by the bank. As is apparent in this case, the bank had issued notice under Section 13(2) of the Act, waited for the petitioners' reply thereto and thereafter issued notice indicating that the bank would take possession of the secured assets if the money due to the bank was not tendered by a certain date. It is not the petitioners' case that the money has been paid. In such circumstances, in view of the decision in V. Noble Kumar, the debtor has to await the measures under Section 13(4) of the Act being taken by the secured creditor before approaching the appropriate Tribunal.

There does not appear to be any error in the order impugned warranting interference. The appeal, APO No.177 of 2014, and

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the stay petition, GA No.1600 of 2014, are dismissed without any order as to costs. Nothing in this order should prejudice the writ petitioners in the event an appropriate petition is carried to the Tribunal under Section 17 of the said Act of 2002.
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