JUDGMENT :

Pradeep Nandrajog, J.

1. The petitioner is an assignee of the debt payable by respondent No.3 which is under liquidation. It seeks to preserve its right to proceed against the secured asset by taking recourse to SARFAESI 2002.

2. It is the case of the Petitioner that Flat No. B-2202, 22nd floor, ad-measuring 4072 sq.ft., situated at Mahindra Eminente CHS Ltd., S.V.Road, Goregaon (West), Mumbai – 400062 (“said property”) was mortgaged by respondent Nos. 4 and 5 to secure the dues payable by respondent No.3 to the predecessor in interest of the petitioner who was the assignee of the debt as per Memorandum of Equitable Mortgage created on 11th November 2011.

3. Bank of India; the original Lender initiated proceedings under Recovery of Debt and Bankruptcy Act, 1993 which has been registered as O.A. No. 54/2014. The petitioner has been substituted as the applicant on debt being assigned.

4. The Bank resorted to proceedings under SARFAESI 2002 by issuing a notice under Sub-section (2) of Section 13 thereof on 30th August 2013. Physical possession of the flat was taken over by the petitioner as the assignee of the debt in November 2016.

5. Respondent No.2 initiated recovery proceedin