Ramesh Ranganathan, J.

This Writ Petition is filed questioning the action of the 1st respondent bank in seeking to take possession of the immovable properties of the petitioner company pursuant to the notice issued under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Act 54 of 2002), (for short ‘the SARFAESI Act’), and the notice of the Advocate Commissioner dated 21.03.2014 intimating that possession of the immovable properties of the petitioner at Vijayawada would be taken on 28.03.2014, as violative of the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (for short ‘SICA’).

The petitioner was initially constituted as a partnership firm in the year 1992. It was later converted into a public limited company in the year 1999. While the petitioner’s manufacturing activities were initially confined to Vijayawada, a new unit was set up by them at Hyderabad in the year 1999-2000; and, thereafter, a third unit was set up by them in the Visakhapatnam SEZ area. The overseas branch of the 1st respondent Bank had sanctioned a term loan of Rs.12.44 crores to the petitioner in the year