JAITHRA EXIM PRIVATE LIMITED v. STATE BANK OF INDIA

This is a legal case commentary regarding the provisions of section 14 of the SARFAESI Act, 2002. The case involves JAITHRA EXIM PRIVATE LIMITED and STATE BANK OF INDIA. The applicant company availed credit facilities from the SME branch of the Respondent Bank but defaulted on repayment due to market recession and the COVID pandemic. The property was mortgaged to the bank. The case discusses the issuance of demand notices, possession notices, and sale notices, and challenges related to the procedure followed by the bank. The applicant claims suppression of facts regarding standing timber, including teakwood plantation, in the schedule property. The respondents contend that they followed the prescribed procedure under the SARFAESI Act, 2002 and its rules.