RAY PROJECTS PVT. LTD vs THE BOARD OF DIRECTORS OF CANARA BANK

Judgment text excerpt

906-WPL-5781-2025.doc jsn IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION WRIT PETITION (L) NO.5781 OF 2025 WITH INTERIM APPLICATION (L) NO.27940 OF 2025 M/s. Ray Projects Pvt. Ltd. and Anr. …Petitioners Digitally Versus signed by JITENDRA JITENDRA SHANKAR SHANKAR NIJASURE NIJASURE Date: 2025.10.07 The Board of Directors of Canara Bank and …Respondents 12:45:04 +0530 Ors. ---------- Mr. Mathews Nedumpara with Ms. Hemali Kurne and Mr. Satsang Tailor i/b. Nedumpara and Nedumpara for the Applicant / Petitioner. Ms. Vaishali Bhilare with Mr. Atharva Bhilare for Respondent Nos.1 to 3. Ms. Vrushali Kabre, for Respondent No.7. ---------- CORAM : R.I. CHAGLA AND FARHAN P. DUBASH, JJ. Reserved on : 25TH SEPTEMBER, 2025 Pronounced on : 07TH OCTOBER, 2025. J U D G M E N T:- 1. By this Writ Petition, the Petitioners are seeking a direction to the Central Government and Reserve Bank of India to enforce the Notification (‘MSME Notification’) dated 29th May, 2015 and further ensure that the recovery action initiated against the 1/23 906-WPL-5781-2025.doc Petitioners that is stated to be in violation of the mandate of the MSME Notification is recalled. The Petitioners have accordingly sought to restrain further action being taken by the Respondent Nos.1 to 3 (“Respondent – Bank”) under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short “SARFAESI Act”) for enforcement of its security interest. 2. Petitioner No.1 is stated to be a private limited, small manufacturing company registered as a Micro, Small and Medium Enterprise (MSME) Unit under the Micro, Small and Medium Enterprises Development Act, 2006 (for short “MSMED Act”) and is claiming entitlement to the benefits of the MSMED Act read w