2024 (7) TMI 1247

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....a Trading Company' at Alathur in Thrissur District, under the brand 'Ruchi Drops' and is as a proprietary concern. 2. The petitioner had all the licences including Ext.P1 and VAT registration. Towards working capital of the business, the petitioner availed a cash credit facility on 04.07.2020 with the 1st respondent-Bank. The MSME licence is issued by the Government of India with effect from 24.03.2021. The cash credit facility of 1,45,00,000/- was renewed Rs. on 09.02.2022, in hypothecation of entire current assets of the business of the petitioner, as well as properties of the petitioner's father and mother, as guarantors. 3. Interest in the cash credit account was remitted from time to time and for delay in remitting fu....

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....account. At the same time, the 1st respondent is not providing the petitioner with the facility for regularisation, even after repeated requests. Hence, the petitioner submitted Ext.P8 before the 3rd respondent for necessary directions to the 1st respondent. It is at this stage that the 1st respondent provided copy of Ext.P9 agreement dated 09.02.2022 to the petitioner. 7. Now, to the surprise of the petitioner, on 07.09.2024 the 2nd respondent came to the petitioner and threatened with affixing notice under Section 13(4) of the SARFAESI Act, before entire properties pledged by the petitioner and the guarantors and taking possession thereof, if the loan account is not closed, when the matter of regularization / renewal of the cash credit l....