JUDGMENT :

(A.S. Doctor, J.)

1. The present Writ Petition impugns an order dated 26th March 2021 (“impugned order”) passed by the Additional District Magistrate, Nashik in Securitization Case No.285/2017 (“the said Application”) filed by Petitioners under Section 14 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“the SARFAESI Act”). By the said order the Additional District Magistrate, Nashik has disposed the said Application without taking possession of the secured assets mortgaged by Respondent No. 2 in favour of Petitioners despite due compliance by Petitioners with the provisions of Section 14 of the SARFAESI Act.

2. The facts, briefly stated are, that Petitioners are authorized officers of four financial institutions who had advanced loans aggregating Rs.141.38 crores (approximately) to Respondent No.2 at various intervals. The said loans had been secured, inter-alia, by a mortgage of the following immovable properties (“secured assets”) created by Respondent No. 2 in favour of the Petitioners, viz.

“(a) All those pieces and parcel of Leasehold Land bearing Survey No.4/1, 4/2, 5/1, 5/2, 5/3/4, 6/2/1 admeasuring 80,400 sq