Mardia Chemicals Ltd. Etc. Etc vs U.O.I. & Ors. Etc. Etc on 8 April, 2004
The petitioner submits that he is a defaulter of loan availed from
the first respondent. Following Ext.P2, the petitioner has placed
Ext.P4, in reply to Ext.P3 notice under Section 13(2) of SARFAESI Act.
Under normal circumstances, the said notice does not give any cause
of action for a litigation, in the light of the law laid by the Apex Court in
Mardia Chemicals Ltd. & others Vs. Union of India & others
(2004(4) SCC 311). The case in hand however, shows that the
petitioner's building caught fire and according to him, he sustained
certain loss. I am surprised that even according to the bank, the
hypotheticated building is not insured, at least at its instance.