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M/s Sree Chandrika Foods Versus Andhra Bank, Tanuku

Default in liquidating the liability - Held that:- Discipline is not only to be employed by the bank in its day to day business activities but even customers of a bank require to show a steadfast commitment and discipline. Failure to live up to the promises made, which alone induce the bank to lend money, will have a cascading effect on the business operations of a bank. This apart, when the non-performing assets are mounting, the very vitals of the economy gets impacted. Keeping all these facto .....

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s nothing that this Court can do, particularly in exercise of its jurisdiction under Article 226 of the Constitution of India, which is essentially a discretionary jurisdiction, all the more so in the absence of any enforceable right in the hands of the petitioners vis-vis the 1st respondent bank. This apart, the transaction of financial arrangements entered into by and between the petitioners on the one hand and the 1st respondent bank on the other, have no element of public duty and hence, it .....

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SANKARA RAO, JJ. For The Petitioner : Sri M. Suryanarayana For The Respondent : Ms. Dyumani ORDER: (per Honble Sri Justice Nooty Ramamohana Rao) The petitioners herein have availed certain financial assistance from the 1st respondent Andhra Bank. It appears, they have carried on business, but ended up in not repaying the money to the bank. It also appears, the last of the payments made by the petitioners was nearly four years back on 08.03.2012 when they paid ₹ 6 lacs to the credit of the .....

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r the respondent bank. No meaningful explanation has been forthcoming from the petitioners as to the reasons why they have committed default in liquidating the liability, except taking a stock ground that due to power-cuts, cyclones and unprecedented rains, agricultural operations in the State have been badly affected with a spill over effect on the rice mill business, which the petitioners carried on. These supernumerary difficulties narrated by the petitioners cannot be accepted by this Court. .....

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2012 have been initiated by the bank and the Debts Recovery Tribunal, Visakhapatnam has passed an order dated 03.12.2014 providing an opportunity to the petitioners to clear the outstanding liability within 15 days from the date of receipt of the notice, failing which the recovery process would be initiated by adopting the modes specified therein, namely attachment, sale of movable and immovable property, arrest of detenu or appointing a Receiver for management of movable and immovable propertie .....

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it is a clear case where the petitioners have been provided multiple opportunities by the 1st respondent bank to liquidate the entire liability, but they are procrastinating the same on one pretext or the other. In fact, Ms. Dyumani, learned Standing Counsel for the 1st respondent bank, upon instructions, would submit that the present sale notice, which was issued on 05.02.2016, is the sixth one issued proposing to put the secured asset to sale on 10.03.2016 between 03.00 and 04.00 P.M. and henc .....

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ntioned Act has clearly contemplated measures to be taken for securitization of the loan accounts, which have become non-performing assets. Public-sector banks like the 1st respondent bank have been adopting a very liberal approach in lending monies, particularly in the rural sector with a view to provide a safe and stable platform for credit, so that the citizens can be saved to the extent possible from the clutches of unscrupulous private money-lenders. Banks like that of the 1st respondent ac .....

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tera. If the borrowers do not repay the loan amounts promptly, the bank will find it not only difficult to recycle the monies accepted by way of fixed deposits from the customers, but might even find it difficult to provide quality services to the rest of the customers of the bank. Discipline is not only to be employed by the bank in its day to day business activities but even customers of a bank require to show a steadfast commitment and discipline. Failure to live up to the promises made, whic .....

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