Per R.C. Chavan, J. :

1. The petitioners are the defaulting debtors of respondent No.2-Bank . The petitioners had mortgaged immovable properties to respondent No.2-Bank. Respondent No.2 started proceedings under Section 101 of the Maharashtra Co-operative Societies Act, 1960 for recovery of Rs.47,69,648/-. On 14-7-2003, during the pendency of these proceedings, respondent No.2-Bank issued a notice of demand under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, hereinafter referred to as the Securitisation Act). On 18-9-2003, respondent No.2 Bank took physical possession of the secured assets.

2. The petitioners preferred an appeal, which was dismissed by the Debts Recovery Tribunal on 4-10-2006. The petitioners appealed to the Debts Recovery Appellate Tribunal. During the pendency of the proceedings before the Debts Recovery Appellate Tribunal, the Apex Court decided Greater Bombay Co-op. Bank Ltd. v. M/s. United Yarn Tex. Pvt. Ltd. & Ors. [2007(5) Scale 366], and M/s. Transcore v. Union of India & Anr. [2006(12) Scale 585]. The Debts Recovery Appellate Tribunal, however, dismissed the p