D. D. SINHA, J.:- Rule, returnable forthwith. Heard the petition finally on merits at the stage of admission.

2. The Petitioner is a body corporate registered under the Banking Companies (Acquisition & Transfer of Undertakings) Act V of 1970. The Respondent No.3 is a partnership firm of which Respondent Nos.4 and 5 are partners. Respondent Nos.4 and 5 are the guarantors to the credit facilities availed by the Respondent No.6 who has created mortgage so as to secure the debts of the Petitioner bank. Those properties are as follows:

1. Factory land and building at Survey No. 157, Hissa Nos. 1, 2, 3 Village Nadhal, Taluka : Khalapur, District Raigad, Maharashtra State.

2. Factory land and building at Survey No.158. Hissa No.1, Village Nadhal, Taluka : Khalapur, District : Raigad, Maharashtra State.

3. Factory land and building at Survey No.158, Hissa No.2-B, Village Nadhal, Taluka : Khalapur, District : Raigad, Maharashtra State.

4. Factory land and building at Survey No.159. Hissa No.1, Village Nadhal, Taluka Khalapur, District : Raigad, Maharashtra State.

All the aforesaid properties will be referred as "mortgage properties" for the sake of convenience.

3. The facts which have given rise to the filing of the instant petition are as follows:-

4. It is the case of the Petitioner that pursuant to the request of the Respondent No.3 for grant of various credit facilities, the Petitioner have from time to time granted the credit facilities to Respondent No.3 and last such credit facility was granted vide Sanction Advise dated 10th April, 2007 and Working Capital Term Loan of Rs.10 Crores was carved out and the balance of Rs.7.97 Crores was retained as Packing Credit limit.

5. Respondent No.3 and the mortgagors/guarantors have executed necessary documents for securing the debts of the Respondent No.3. It is submitted that pursuant to the restructuring of the credit facilities, the Respondent No.6 in his personal capacity as a owner of the immovable properties has on 29th March, 2007 confirmed that he had deposited the title deeds of the mortgaged properties hereto with the Petitioner on 23rd December, 2003 and 31st January, 2005 to secure the repayment of credit facilities aggregating to Rs.36.80 Crores together with interest and requested the Petitioner to continue to retain the said title deeds as a security for repayment of the revised credit facilities aggregating to Rs.30.82 Crores. It is submitted that the Respondent No.6 and his wife Respondent No.5 have guaranteed the payment of the dues of the Respondent No.3 in consideration of sanction of restructured credit facilities to the Respondent No.3 by executing the Letter of Guarantee dated 3rd April, 2007 for an amount of Rs.30.82 Crores.

6. The learned counsel for the Petitioner has submitted that Respondent No.3 has defaulted in repayment of dues of the Petitioner bank and the Petitioner bank having classified the account of such debt as Non-Performing Asset (NPA) on 31st May, 2007, has issued notice dated 26th June, 2007 under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (referred to as "SARFAESI Act" for the sake of brevity) calling upon the Respondent No.3 and Respondent No.6 - mortgagors/guarantors to pay to the Petitioner within 60 days from the date of notice a sum of Rs.28,05,26,044.66 paise together with interest. Respondent No.3 and the mortgagors/guarantors have been served by personal service and they have acknowledged the service of the notice.

7. It is the case of the Petitioner that on failure on the part of the Respondent Nos.3 and 6 to comply with the requisitions as contained in the notice dated 26th June, 2007 were called upon to deliver the possession of the secured assets. Respondent No.3 vide letter dated 11th September, 2007 has not disputed the claim of the Petitioner, however, requested for time for repayment of dues. As the Respondent Nos.3 and 6 failed to discharge their liabilit