P.V. Sanjay Kumar, J.—Challenge in this writ petition is to the action of the Syndicate Bank in trying to auction the properties of the petitioner firm situated in Sy.Nos. 97/A and 98/A of M.Venkatayapalem Village, Khammam Rural Mandal and District, along with plant and machinery, for recovery of the dues of Rs. 53,38,046/- towards its cash credit and term loan accounts, under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, ‘the SARFAESI Act’).

2. The grievance of the petitioner firm is that the bank is not following the prescribed procedure, including the R.B.I. guidelines and the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE) scheme, as it did not disclose the amounts recovered from the CGTMSE and it did not claim 75% of the amount in default from the CGTMSE. A consequential direction is sought to the bank not to interfere with the petitioner firm’s possession over the subject properties and to recover the amount in question from the CGTMSE.

3. The case of the pe