TMI Blog2012 (5) TMI 765X X X X Extracts X X X X X X X X Extracts X X X X ..... in the petition may be noticed. The petitioner is a Public Limited Company incorporated under the provisions of the Companies Act, 1956. The respondent-State Bank of India is a Public Sector Bank constituted under the provisions of the State Bank of India Act. After the enactment of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, the SARFAESI Act ), the respondent-Bank issued a public advertisement inviting applications for appointment of Enforcement Agents, Recovery agents and Resolution agents. In response to the advertisement, several persons including the petitioner offered their services to the respondent Bank to act as Enforcement Agent. After the interview, 29 persons i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Bank. According to the petitioner, the respondent Bank was not interested in early recovery and after the actual physical possession of the secured assets was taken over by the petitioner by virtue of Sections 13 and 14 of the SARFAESI Act, the matter remained in abeyance because of the arbitrary attitude of the authorised officers as the valuation was not got done for several months and in certain cases for years and the petitioner was told to keep on maintaining the actual physical possession. In this way, the payments of the petitioner were being delayed and ultimately vide communication dated 29.6.2011, Annexure P.9, the petitioner was informed that it stood de-paneled from the approved list of Enforcement Agents. Hence this petitio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nown to you. We are once again sending you the bills (excluding the bills for State J K) and hope this will be resolved within next 15 days. We advise that since you have miserably failed to safeguard the Service Provider's interest and the bank's legacy, you should voluntarily put in your resignation, for others to show their talent and that no further public money is being wasted in payment of your salary and perks etc. You must appreciate that you are being paid from the public money for the services to be done, which includes the above also. (ii)The bank is not yours. You are only a servant/employee. We, the general public are the owners of the bank. Have you ever seen the servants instructing the owners. Please remain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petition. 7. A perusal of the letters addressed by the petitioner to the Bank which are appended as Annexure R.2/2 collectively shows that the petitioner had been using intemperate language against the officers of the respondent-Bank and at the same time is claiming to continue with the Bank. The petitioner had not controverted the aforesaid averments by filing any replication and thus, the communications addressed by the petitioner to the respondent Bank appended as Annexure R.2/2 stand admitted. Further, learned counsel for the petitioner was unable to show that there was any legal right for continuation as approved Enforcement/Resolution Agent of the respondent-Bank. In the absence of any legal right created by any agreement, it canno ..... X X X X Extracts X X X X X X X X Extracts X X X X
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