JUDGMENT :

Rajesh S. Patil, J.

1. Rule. Rule is made returnable forthwith. Heard finally by consent of the learned counsel for the parties.

2. This Writ Petition filed under Article 226 of the Constitution of India has prayed for the following reliefs :-

“(a) This Hon'ble Court be pleased to issue a Writ of Mandamus or any other Writ of the like nature thereby directing the Respondent No.2 and 3 to forthwith and or within such time as this Court may deem fit and proper to execute and implement order dated 12.01.2021 passed by the Respondent No.1 under Section 14 of SARFAESI Act in an Application being Application No. 978 of 2020.

(a1) This Hon'ble Court be pleased to issue a Writ of Mandamus or any other Writ of the like nature thereby quashing or setting aside the impugned letter/communication dated 17.11.2022 directing that the possession of the secured asset cannot be taken until appropriate orders are passed in Civil Suit filed by Petitioner in District Court Pune being Civil Suit No. 1436 of 2015.

(b) This Hon'ble Court be pleased to issue a Writ of Certiorari or any other Writ of the like nature thereby directing the Respondent No.2 and 3 to forthwith and or within such time as this Court may deem fit and proper to execute and implement order dated 12.01.2021 passed by the Respondent No.1 under Section 14 of SARFAESI Act and to take physical possession of the secured assets in execution of the order dated 12.01.2021 and to handover the same to the Authorized Officer of this Petitioner.”

Facts:

3. The Petitioner is a banking company carrying on banking business under the Banking Regulation Act, 1949. In or about April, 2005, one Mr.Dipak Digambar Naik along with Mrs.Aruna Naik (for short referred as “the co-borrowers”), the Directors of M/s.Millennium Motors Pvt. Ltd. had approached Citi Financial Consumer Finance India Limited (for short “CCFIL”) for grant of credit facilities. Based on the request of the borrowers, CCFIL sanctioned housing loan for a sum of Rs.30,41,069/- to the said borrowers. Such credit facility was repayable in 96 Equated Monthly Installments (EMI) of Rs.47,040/- with interest at the rate of 10% p.a. The borrowers created Equitable Mortgage by deposit of title deeds of the land bearing Plot No.47, admeasuring 3600 sq. ft. being part of the larger land bearing Survey No.48/2 (City Survey No.410/519, Yerwada, Pune along with constructed residential bungalow admeasuring 2600 sq.ft. built up area (for short “the secured assets”), for loan amount of Rs.30,41,069/- sanctioned under housing loan. Further in the month of May, 2009, the borrowers again approached CCFIL for grant of additional credit facilities. CCFIL granted a further loan of an amount of Rs.81,00,000/-.

4. The said loan amount of Rs.81,00,000/- was repayable in 82 EMIs of Rs.1,36,139/-. As the title documents were already deposited, the fresh loan amount was liquidated by deducting the outstanding amount from the earlier loan amount and the remaining amount was disbursed.

5. As the loan being sanctioned and disbursed, various security documents were executed in favour of CCFIL. The borrowers assured to honour the repayment schedule for repaying back the said financial facilities as per the agreed terms.

6. However, the borrowers failed to honour the commitment and perform terms and conditions of the loan agreement. As the account became highly irregular, the CCFIL classified the account of the borrowers as Non-Performing Asset (for short “NPA”) in accordance with the RBI Guidelines.

7. By a Deed of Assignment dated 9 April 2013, CCFIL assigned to the Petitioners herein, all its rights, title, interest, benefit in and to the debts due and payable by the borrowers together with any incidental rights thereto including assignment of and benefits under the financial instruments along with the right to enforce its interest in the underlying securities thereunder. Pursuant to the Deed of Assignment, the Petitioner was entitled to demand and recover repayment