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Showing contexts for: zoom developers in Union Bank Of India vs Rajat Infrastructure Pvt. Ltd. on 4 October, 2023Matching Fragments
2. The chequered history of the long-drawn litigation between the parties may be summarized as under: -
(i) The appellant in the Civil Appeal No.1902 of 2020 is a bank, a body Corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970. The Respondent No.1-Rajat Infrastructure Pvt.
Ltd. claimed to be the owner of the Subject Property, the Respondent No.2-Manindra Chandrasen and Respondent No.3-Sharad Chandrasen claimed to be in the possession of the subject property, Respondent No.4- Zoom Developers Pvt. Ltd. and Respondent No.5-Zoom Vallabh Steel Ltd. were the borrowers. In order to secure the credit facilities/ loan granted by the Appellant Bank to the Respondent No.4 and 5, the Respondent No.1 on 15.04.2005 had mortgaged its interest in the subject property to the Appellant Bank.