B.P. COLABAWALLA. J,

1. Rule. Respondents waive service. By consent of parties, rule made returnable forthwith and heard finally.

2. This Writ Petition has been filed under Article 226 of the Constitution of India seeking a Writ of Certiorari or any other appropriate writ, order or direction, seeking to quash the orders dated 1 April, 2009 and 7 January, 2014 passed by the Debt Recovery Appellate Tribunal, Mumbai (“DRAT”) in Appeal No.79 of 2008. By the order dated 1 April, 2009 the DRAT granted a complete waiver of deposit under section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, the “SARFAESI Act”). By the order dated 7 January, 2014 the DRAT entertained the appeal filed by the borrower (Respondent No.1 herein) on merits and thereafter set aside the order and judgment dated 26 March, 2008 passed by the Presiding Officer, Debt Recovery Tribunal-I, Mumbai (“DRT”) in Securitization Application No. 17 of 2007.

3. The brief facts giving rise to the present controversy are as under:-

(a) The Peti