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 25 June 2020, IIFL issued a notice declaring an Event of Default and called upon the Respondents to pay the outstanding amount. By two separate agreements for sale dated 25 December 2020 and 12 February 2021, the properties at Lonavala, which one R.M. Parikh HUF mortgaged, were sold by R.M. Parikh HUF to third parties, and the proceeds were adjusted against the outstanding loan. On 18 May 2021, the Respondents requested to grant temporary financial assistance, provide a maximum moratorium, and reduce the interest rate on loan. IIFL, on 10 June 2021, again declared an Event of Default and called upon the Respondents to pay the then outstanding amounts. The Respondents did not make any payment. IIFL filed Commercial Suit (L) No. 15734 of 2021 in the Original side of this Court on 12 July 2021 against the Respondents for recovering the outstanding loan amount of Rs.24,39,28,178/-inclusive of interest, penal interest and TDS till the date of the filing of the Suit and for enforcing the mortgage security. On 13 August 2021, IIFL filed three Arbitration Petitions in the Delhi High Court under Section 9 of the Arbitration & Conciliation Act, 1996, against Respondent Nos.3 and 4 and Mr. Hemant Parikh as personal guarantor. IIFL issued a notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), on 24 August 2021, calling upon the Respondents to pay the then outstanding amount of Rs.24,78,91,801/-along with further interest, penal interest and TDS.

5. On 28 September 2021, IIFL and the Petitioner entered into Assignment Agreement as per Section 5(1)(b) of the SARFAESI Act on agreed terms and conditions. On 27 September 2021, the Respondents replied to the Notice dated 24 August 2021 under Section 13(2) to IIFL, and the Petitioner replied to this communication on 6 October 2021. The learned Single Judge of this Court, by order dated 27 January 2022 in IA(L) No. 25021 of 2022, permitted the Petitioner to withdraw the Commercial Suit with liberty to file proceedings before the Debts Recovery Tribunal (DRT) in view of the assignment of the loan in its favour.

6. The Petitioner filed Original Application No. 64 of 2022 on 11 February 2022 before the DRT-II, Mumbai. On 10 March 2022, the Petitioner filed an Application under Section 14 of the SARFEASI Act before the District Magistrate, Goa, for taking forcible possession of the properties situated in Goa and on 31 March 2022, the District Magistrate allowed the said Application. On 9 May 2022, the Mamlatdar issued a notice informing the Respondents that the possession of the property at Goa, named Socollem Gallum, was scheduled to be taken on 3 June 2022.

7. The Respondents filed the Securitization Application No. 160 of 2022 o