( 1 ) THIS instant revisional application has been directed against the order dated June 2, 2006 passed by the learned Presiding Officer, Debts recovery Tribunal-II, Kolkata in T. A. No. 03 of 2005, whereby the applicant had been granted liberty to proceed with the Securitisation Act of 2002 for the enforcement of its security interest against all the defendants.

( 2 ) IN moving the revisional application, Mr. D. Basak, learned Counsel, has submitted that in disposing of the application ex parts without serving notice upon the petitioner, the Tribunal flouted principle of natural justice. Erroneous assumption of jurisdiction by the Tribunal is, thus, liable to be set aside in revision.

( 3 ) CONTENDING that the ex parte order had been passed in haste, Mr. Basak has contended that in view of the provision contained in the proviso to section 19 of the Recovery of Debts Due to Banks and Financial Institutions act, 1993, the Banks or the Financial Institutions are required to elect the forum for seeking remedy for realization of their dues Citing the case of m/s. Kalyani Sales Company and Anr. vs. Union of India and Anr. , reported in 2006 (1) Bank CLR 441, it is submi