HC relief for company against bank in loan default case-Times of India 03.01.2014
Swati Deshpande,MUMBAI: The Bombay high court on Thursday continued an order of interim protection granted earlier to a company against the State Bank of India. The HC restrained the Bank from publishing, photographs, names and addresses of the Petitioners as wilful defaulters in any newspaper or other media.
The Bank had issued notice on December 21, 2013 to Icaro Machines India Private Limited and others. The company challenged the notice in the HC.
On January 2, the matter was heard by vacation judge Justice Gautam Patel. The issue whether the Banks are at all entitled to publish the photographs was considered by a division bench of the HC earlier in November last year. The HC in that case, also involving SBI, had held that Rule 8 regarding sale of immovable secured assets of the Security Interest (Enforcement) Rules, 2002 did not prohibit such publication, and, indeed even contemplated it.
Rohan Cama counsel for the company did not dispute that the HC judgment presently holds the field. However, he pointed out that in the present case there was an interim order passed in December, 2012 restraining the bank from proceeding under the SARFAESI Act, 2002, subject to certain conditions. That order was initially for a limited period of time. The order was in force even now, the HC observed and continued that protection till January 17, 2014.
http://timesofindia.indiatimes.com/city/mumbai/HC-relief-for-company-against-bank-in-loan-default-case/articleshow/28306302.cms
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