Raj Mani Chauhan, Chairperson, J.—This Appeal under Section 18(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as SARFAESI Act”) has been directed by the original applicant (for convenience hereinafter referred as the “appellant”) against the judgment and order dated 26th March, 2008 passed by Mr. K.P. Kotecha, the then Presiding Officer (learned P.O.), Debts Recovery Tribunal-I (DRT), Mumbai in Securitisation Application (S.A.) No.17/2007 (Soma Papers & Industries Lid. V, Bank of India), whereby the learned Presiding Officer has dismissed the aforesaid S.A. filed by the appellant.

2. The relevant facts giving rise to the present Appeal in nutshell be stated as under:

The appellant is a registered Company incorporated under the Companies Act, 1956, which was engaged in manufacturing and sale of various kinds of coated papers. The appellant’s factory was set up in 1971 at Nasik (Maharashtra). The appellant availed various credit facilities sanctioned by Consortium of Banks i.e. respondent No.1. Bank of India; respondent No. 2, Union Bank of India; respondent No.3, Corporation Bank and r