URMILADEVI MAHAVIRPRASAD JAIN AND ANR vs PUNJAB NATIONAL BANK AND ORS

Judgment text excerpt

Digitally signed by ANANT WP.12846.2024 (J) C2.doc ANANT KRISHNA KRISHNA NAIK NAIK Date: 2025.04.09 20:26:15 IN THE HIGH COURT OF JUDICATURE AT BOMBAY +0530 CIVIL APPELLATE JURISDICTION WRIT PETITION NO.12846 OF 2024 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 60% partner. Petitioner No. 1 is 62 years old lady and Petitioner No. 2 is 97 year old man. 3.2 Loan was sanctioned to the said Firm in 2015 by Respondent No. 1 Bank. The Petitioners and Respondent No. 3 executed deeds of guarantee and mortgage in favour of Respondent No. 1 Bank. In October 2019, the account of the Firm was declared as non-performing asset (NPA) and notice under Se