L. Narasimha Reddy, J.

This writ petition raises several questions of general importance, that arise in the course of implementation of different enactments, such as Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the Sarfaesi Act"), the Arbitration and Conciliation Act, 1996 (for short "the Arbitration Act"), and the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (for short the D.R.T. Act").

The 1st petitioner is a public limited company, involved in the activity of running newspapers and petitioners 2 to 5 are associated with the management and administration thereof. The petitioners obtained two separate loans: One loan of Rs.50 crores on 08-12- 2011, and another of Rs.50 crores on 05-01-2012 from M/s India Bulls Financial Services Limited (for short "IBFSL"), after necessary documentation. On 08-09-2012, IBFSL issued a notice to the petitioners, requiring them to pay the outstanding amount within seven days from the date of receipt of the notice.

The petitioners got issued a reply. Thereafter, IBFSL filed O.P.No.377 of 2013 against the petitioners in the Court of II Additional Chief