RAJ MANI CHOUHAN, J. (Chairperson)

1. This Appeal under Section 18 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act) has been filed by the appellants (original applicants) (hereinafter referred to as the appellants) against the judgment and order dated 26th August, 2011 passed by Shri Shrikant G. Kulkarni, the learned Presiding Officer, Debts Recovery Tribunal, (DRT) Pune, in the Securitisation Application (S.A.) No. 22/2011 (Navalakha Agencies v. Indian Bank) by which the learned Presiding Officer, DRT, Pune, has dismissed the S.A. filed by the applicants with costs. Most of the relevant facts are not in dispute between the parties which may, in nutshell, be stated as follows:

Admittedly, the appellant No. 1 Navalakha Agencies, a registered partnership firm, having its place of business at 1379, Bhavani Peth, Pune, availed certain credit facilities in the year 1990 towards Working Capital business of the firm which was sanctioned by the respondent. No. 1, the Indian Bank, a Banking company constituted under the Banking Companies (Acquisition and Transfer of Undertakings)