9911796707
TMI Blog2024 (7) TMI 1247X X X X Extracts X X X X X X X X Extracts X X X X ..... fundamental rights guaranteed to the petitioner under Article 14 of the Constitution India, contends the petitioner. The writ petition has been filed under Article 226 of the Constitution of India for issuance of proper directions for regularization of the loan account maintained with the 1st respondent and to stay further proceeding to Exts.P4 and P13 in the interest of justice. When the writ petition came up for admission, this Court passed an interim order dated 09.11.2023, staying all further proceedings against the petitioner for a period of one month on condition that the petitioner remits an amount of ₹20 lakhs within a period of one month. The petitioner submits that though the petitioner could not remit the amount within the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statement of account. Due to fall in turnover reported from time to time on the basis of GST return, the 1st respondent issued Ext.P3 on 01.11.2022, intimating reduction in limit every month by ₹2 lakhs, as part of renewal terms of the cash credit limit. 4. While the renewal of cash credit limit was pending before the 1st respondent, the 2nd respondent issued Ext.P4 notice dated 24.03.2023 under Section13(2) of the SARFAESI Act. In Ext.P4, the 1st respondent for the first time informed the petitioner that from 22.01.2023, the loan account of the petitioner with the 1st respondent, is classified as NPA. 5. When the petitioner approached the 1st respondent for renewal / regularization of the loan account in response to Ext.P4, the 1st r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame to know that as per Ext.P9, the renewal of cash credit loan account was expired on 08.08.2022. Ext.P9 cash credit loan was sanctioned the petitioner being a MSME business. Even after providing every document for renewal of cash credit loan account, the renewal agreement is kept pending. 9. While so, the 2nd respondent issued Ext.P10 intimating the petitioner that recovery action cannot be suspended during the pendency of renewal agreement. The action of the 2nd respondent is against Ext.P11 notification dated 29.05.2015 issued by the Government of India, for the frame work for revival and rehabilitation of Micro, Small and Medium Enterprise of the petitioner. 10. Hence, the petitioner submitted Ext.P12 representation before the responde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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