Sanjay Kishan Kaul, J.

M/s Chemstar Organics India Limited (COIL), petitioner-company, availed of term loans from both Gujarat Industrial Investment Corporation (GIIC) and Bank of Baroda (BOB), R-2 and R-1 respectively with R-2 being the lead financial institution. It is the say of the petitioner that more than 75% of the long term financial assistance was obtained from R-2 while the remaining was availed from R-1. The petitioner-company had financial difficulties and failed to adhere to the discipline of the terms of the loan. This resulted in a notice being issued by BOB to the petitioner-company dated 15.06.2006 u/s 13(2) of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Act, 2002 (SARFAESI Act). This notice is stated to be qua the residential property of the promoters of the petitioner-company - Mr. Ashutosh Majmudar and Mrs. Ami Majmudar - in respect of which equitable mortgage had been created in favour of BOB. It may be noticed that some dispute has been raised by the petitioner/company qua the alleged equitable mortgage, but the fact remains that in pursuance to the said notice, BOB took over symbolic possession of the residen