Respected Sirs,
DRT has dismissed the stay in the case filed. the particulars of the case are as follows. The company is a proprietary concern with dealership of m/s HPCL, petrol pump.
1) The bank issued a letter for irregularity in the cash credit accounts of the party on 13-4-2009
2) The same letter was sent to M/s HPCL even when they are not a party to the secured facilities.
3) This threatening letter initiated HPCL to issue show cause notice to the firm on 30-4-2009 and finally terminated the dealership on 17-7-2009 stating that the replies were not adequate. The termination letter was issued to the proprietor and they have forcibly taken over the dealership inclusive of stocks (secured by the bank and full paid for by the bank / debtor). The termination letter clearly states that the bank threatening letter was the reason behind termination. They have not paid the party till date.
4) It seems the bank issued SARFEASI notice to us on 7-7-2009 but we have not taken it.
5) We only came to know of the notice when they started symbolic possession on the collateral property.
6) We filed in DRT SA for stay as they have taken away my business and made me a wilful defaulter.
7) DRT granted stay unconditionally.
8) DRT dismissed the stay appeal after merits.
9) We are planning to file appeal but in the meantime the bank have approached the CMM for advocate commissioner warrant and they have obtained it for physical possession of properties.
10) The advaocate commissioner has time till May 2012 for their report.
11) We do not know what to do if they come immediately before we file appeal.
Please advise urgently.
Regards,
Kumar
