SABYASACHI BHATTACHARYYA, J.

1. The present petitioner no. 1 is a partnership firm/borrower and petitioner no. 2 is a partner of the said firm. The opposite party no. 1 is a financer/creditor. The petitioner no. 1-firm took a loan from the opposite party no. 1. Subsequently upon the petitioner no. 1 having failed to repay such loan, the opposite party no. 1 issued a demand notice dated August 23, 2017 under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "the SARFAESI Act"). The said notice was followed up by a notice of possession under Section 13(4) on November 4, 2017.

2. Being thus aggrieved by the said notices, the borrower preferred before the Debts Recovery Tribunal-III at Kolkata an application under Section 17 of the SARFAESI Act, giving rise to S.A. No. 467 of 2017.

3. During pendency of the aforesaid proceeding under Section 17, the District Magistrate, South 24 Parganas passed an order under Section 14 of the SARFAESI Act on June 18, 2018, thereby authorizing one Arshad Jamal Hasmi, WBCS (EXE) to take possession of the assets and documents of the borrower and to