1 S.B.CIVIL WRIT PETITION NO.4900/2007 M/s Prakash Synthetics v. RIICO & Ors. Date of Order :: 14th August, 2007 HON'BLE MR.JUSTICE GOVIND MATHUR Mr. Pankaj Bohra, for the petitioner. .... The authorised officer of the Rajasthan State Industrial Development and Investment Corporation Limited (hereinafter referred to as “the RIICO”), while exercising powers under Section 13(12) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (hereinafter referred to as “the Act of 2002”) read with Rule 9 of the Security interest (Enforcement) Rules, 2002 (hereinafter referred to as “the Rules of 2002”), issued a demand notice dated 26.10.2005 calling upon the respondent borrower M/s Ratangiri India Ltd. to repay the amount in a tune of Rs.3,15,61,929/- (Rupees three hundred fifteen lacs sixty one thousand nine hundred twenty nine) on 15.7.2005 within 60 days. The borrower failed to repay the amount, therefore, a notice of possession of the property was issued by the authorised officer exercising powers under Section 13(4) of the Act of 2002 on 5.12.2006. 2 The contention of the petitioner in present petition for writ is that in the premises of respondent M/s Ratangiri India Ltd. a yarn in the quantity of 14,709.564 kg. Owned by it was lying and, therefore, possession of that could have not been taken by the authorised officer of the RIICO. A direction, therefore, is sought to quash the auction notice dated 13.7.2007, that was subsequently issued having considered the contention raised by counsel for the petitioner in the terms above. I of the opinion on basis of averments contained in the writ petition that the issue with regard to yarn taken into possession by the RIICO in the premises of M/s Ratangiri India Ltd. is not open to be raised by the petitioner against RIICO. The petitioner may claim damages or compensation for the loss caused to it, if any, due to the deeds of respondent M/s Ratangiri India Ltd. The writ petition, therefore, is having no merit, thus, is dismissed. ( GOVIND MATHUR ),J. Kkm/ps.