URMILADEVI MAHAVIRPRASAD JAIN AND ANR vs PUNJAB NATIONAL BANK AND ORS

1. Smt. Urmiladevi Mahavirprasad Jain 2. Shri. Pannalal Moolchand Jain ... Petitioners Vs. 1. Punjab National Bank 2. Vardhaman Enterprise, 3. Smt. Renudevi Arunkumar Jain ... Respondents *** Mr. Rohit Agarwal a/w. Mr. Kunal Kanungo, Mr. Aakash Jain i/b. Mr. Atishay Jain, Advocates for the Petitioners. Ms. Asha Bhuta, Advocate i/b. Bhuta & Associates, for the Respondent No. 1 -Bank *** CORAM : A. S. CHANDURKAR & M. M. SATHAYE, JJ. RESERVED ON : 11th FEBRUARY 2025 PRONOUNCED ON : 09th APRIL 2025 JUDGMENT (Per M. M. Sathaye J): 1. Rule. Learned counsel for contesting Respondent No.1-Bank waives service. Rule made returnable fortwith. Heard finally by consent. 2. In this order, Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 is referred to as ‘SARFAESI Act’ and Recovery of Debts and Bankruptcy Act, 1993 is referred to a ‘RDB Act’ for convenience. CASE AND SUBMISSIONS 3. Few facts necessary for passing this order, are as under. akn 1 WP.12846.2024 (J) C2.doc 3.1 The Petitioners (Urmiladevi and Pannalal together) are 40% partners in Respondent No. 2-Vardhaman Enterprise (‘the said Firm’ for short) alongwith Respondent No. 3 (Renudevi) who is remaining 6