1 2025:CGHC:10413 NAFR HIGH COURT OF CHHATTISGARH AT BILASPUR WPC No. 21 of 2025 1. Indian Overseas Bank International Business Branch Through Authorized Signatory/power Of Attorney Holder - Shri Navin Kirti Bouddh S/o Shri Murli Gajbhiye, Aged About 39 Years, Having Office At 6 Royd’s Street, Kolkata, 700016, West Bengal. ... Petitioner versus 1. Union Bank Of India Having Its Head Office At Union Bank Bhavan, 239, Vidhan Bhavan Marg, Nariman Point, Mumbai - 400021, Maharashtra And A Branch Office At Samata Colony Branch, Raipur, Chhattisgarh – 492001. 2. Federal Bank Of India, Having Its Registered Office At Federal Towers, Aluva, Kerala And A Branch Office At Shankar Nagar, 18/1421, Kushal Vatika New Shanti Nagar, Raipur, Chhattisgarh – 492007 3. Laxmiroop Private Limited, Having Their Office At 535-C, Urla Industrial Area, Urla, Raipur, Chhattisgarh – 492003. 4. Mr. Santosh Kumar Wadhwan, Director Of Laxmiroop Private Limited Residing At S/o Roopchand Wadhawani Villa No. 194, Sapphire Greens, Vidhansabha Road, Raipur Chhattisgarh – 492001. 5. Mr. Deepak Wadhwani, Director Of Laxmiroop Private Limited Residing At Villa No. 193, Sapphire Greens, Vidhansabha Road, Raipur Chhattisgarh. - 492001 6. Mr. Nitin Wadhwani, S/o Kamal Wadhwani, Director Of Laxmiroop Private Limited Residing At Villa No. 193, Sapphire Greens, Vidhansabha Road, Raipur, Chhattisgarh – 492001. 2 7. Mr. Sunny Wadhwani, S/o Kamal Wadhwani, Director Of Laxmiroop Private Limited Residing At Villa No. 193, Sapphire Greens, Vidhansabha Road, Raipur, Chhattisgarh - 492001. ... Respondents Cause title is taken from the Case Information System For Petitioner : Shri Soumitra Kesharwani, Advocate For Respondents No.1 & 2 : Shri Ankit Pandey, Advocate Order on Board By Bibhu Datta Guru, J. 3/3/2025 1. By the present petition, the petitioner is seeking for the following reliefs : 10.1 This Hon’ble Court may kindly be pleased to restrain the respondent No.1 from enforcing security interest, resulting in compromise, dispose of and /or settle the dues of Respondent No.1 qua the assets belonging to the Respondent No.3, secured in favour of R-1; 10.2 This Hon'ble Court may be pleased to direct the Respondent No.1 to disclose the value of assets belonging to the Respondent No.3, over which the Respondent No.1 shall/ has enforced security interest; 10.3 This Hon'ble Court may kindly be pleased to direct the Respondent No.3 to not dispose of its assets by way of settlement, compromises or any other arrangement of such nature; 10.4 That this Hon'ble Court be pleased to grant interim/ad-interim reliefs pending the hearing and final disposal of the present writ petition; 10.5 That this Hon'ble Court be pleased to grant such other relief(s) in favour of the Petitioner, as it may deem fit and proper in the interest of justice. 2. The petitioner Bank1 is apprehending that the respondent Bank2 may settle the dispute with the private respondents No.3 to 7 by providing the benefit of OTS (One Time Settlement) and the petitioner Bank shall suffer as it has also declared the private respondents as NPA (Non-Performing Asset) and 1 Indian Overseas Bank 2 Union Bank of India 3 they are proceeding against the private respondents for recovery of Rs.6,05,07,569.48 under the provisions of Section 25 of the Payment And Settlement Systems Act, 2007. 3. Learned counsel appearing for the respondent Bank, on the other hand, would submit that the respondent Bank has already initiated proceedings under the provision of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 20023 and if the petitioner is also proceeding to recover the outstanding dues from the private respondents they may approach the DRT (Debts Recovery Tribunal) under the Act, 2002 or participated in the said proceeding, however, the writ petition filed under Article 226 of the Constitution of India is not maintainable. 4. I have heard learned counsel appearing for the parties and perused the documents. 5. Since the respondent Bank has already initiated proceedings under the Act, 2002 against the private respondents, without expressing any opinion on the merits of the case, the writ petition is disposed of reserving liberty in favour of the petitioner Bank to approach the appropriate authority under the provisions of the Act, 2002 by bringing the fact that the petitioner is also initiated proceedings for recovery of outstanding dues from the same private respondents, as they have been declared as NPA. 6. With the aforesaid observation, the writ petition is disposed of. Sd/- (Bibhu Datta Guru) Judge Gowri 3 for short ‘the Act, 2002’ K GOWRI SANKARA RAO Digitally signed by K GOWRI SANKARA RAO Date: 2025.03.04 14:27:48 +0530