JUDGMENT

Nitin Jamdar, J.

Rule. Rule made returnable forthwith. The Respondents waive service. Taken upon for disposal.

2. The Petitioner has challenged the order passed by the Debt Recovery Tribunal dated 2 June 2022 granting ad-interim relief to the Respondents to restrain the Petitioner in any manner taking any steps in respect of the secured assets, and the order passed by the Debt Recovery Appellate Tribunal dated 2 December 2022 dismissing the Petitioners appeal.

3. IIFL Wealth Finance Ltd. (IIFL), the Respondent's secured creditor, has assigned the debt to the Petitioner, an Asset Reconstruction Company.

4. On 29 December 2017, IIFL and the Respondent – Borrower (Respondent) entered into a Master Finance Agreement with terms and conditions under which IIFL agreed to provide a loan. On 29 December 2017, IIFL sanctioned a loan of approximately Rs. 20 Crores in favour of the Respondents. Pursuant to an application made on 12 March 2019, IIFL enhanced the facility to Rs.21.50 Crores as per the terms and conditions of the second sanction letter. On 26 December 2019, IIFL further enhanced the loan under the Master Finance Agreement to Rs.23 Crores as per the third sanction letter. On 2