The petitioner, Ramesh Kothari, filed a writ petition seeking direction to the respondents to consider his representation regarding a pending petition under the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT), Indore. The petitioner owns a property mortgaged as collateral security for financial facilities availed by M/s Rainbow Sales and M/s Kothari Enterprises. Axis Bank classified the account as a Non-Performing Asset and initiated recovery proceedings under the SARFAESI Act. The bank approached the Sub Divisional Magistrate, who ordered the Tehsildar to take possession of the property. Before the possession date, the petitioner approached the NCLT under Section 94 of the IBC and then the High Court to stop the recovery
…Ramesh Kothari, the petitioner, owns a property at House No.437-B, Katju Nagar, Ratlam, M.P., which was mortgaged as collateral security. The financial facilities were availed by M/s Rainbow Sales and M/s Kothari Enterprises from respondents No.4 & 5. These firms are sole proprietorships owned by Chetan Kothari and Angoorbala Kothari, respectively. They availed financial facilities from Axis Bank in the form of SBB overdraft facilities of Rs.23,00,000/- and Rs. 49,10,680/-. Axis Bank classified the account as a Non-Performing Asset on 2023-08-30 and initiated recovery proceedings under Section 14 of the SARFAESI Act. The Sub Divisional Magistrate passed an order on 2024-06-28 for taking possession of the mortgaged property. The Tehsildar Ratlam issued a notice for
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Axis Bank classified…
The Additional…
The petitioner, Ramesh Kothari, filed a writ petition seeking direction to the respondents to consider his representation regarding a pending petition under the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT), Indore. The petitioner owns a property mortgaged as collateral security for financial facilities availed by M/s Rainbow Sales and M/s Kothari Enterprises. Axis Bank classified the account as a Non-Performing Asset and initiated recovery proceedings under the SARFAESI Act. The bank approached the Sub Divisional Magistrate, who ordered the Tehsildar to take possession of the property. Before the possession date, the petitioner approached the NCLT under Section 94 of the IBC and then the High Court to stop the recovery
…Ramesh Kothari, the petitioner, owns a property at House No.437-B, Katju Nagar, Ratlam, M.P., which was mortgaged as collateral security. The financial facilities were availed by M/s Rainbow Sales and M/s Kothari Enterprises from respondents No.4 & 5. These firms are sole proprietorships owned by Chetan Kothari and Angoorbala Kothari, respectively. They availed financial facilities from Axis Bank in the form of SBB overdraft facilities of Rs.23,00,000/- and Rs. 49,10,680/-. Axis Bank classified the account as a Non-Performing Asset on 2023-08-30 and initiated recovery proceedings under Section 14 of the SARFAESI Act. The Sub Divisional Magistrate passed an order on 2024-06-28 for taking possession of the mortgaged property. The Tehsildar Ratlam issued a notice for
…Axis Bank classified…
The Additional…