JUDGMENT

1. The instant petition seeks for the declaration of the orders passed by the Whole Time Members of the Securities and Exchange Board of India (hereinafter `SEBI') dated 29.05.2018 and 14.12.2018 as not applicable to the petitioner bank and that those orders do not prevent the petitioner bank from proceeding further under the provisions of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter `SARFAESI Act, 2002') to sell the mortgaged property being TPV-G-GV-07, The Palm Springs, Village Wazirabad, Sector 54, Gurgaon 122002 (hereinafter `mortgaged property').

2. The petitioner bank also prays for directions to respondent nos.1 and 2 not to take any further actions pursuant to the impugned e-mails dated 29.01.2021 and 18.03.2021 and not to thwart the petitioner bank in any manner with respect to selling of the mortgaged property. Alternatively, directions have also been sought to declare that the petitioner bank has the first charge over the mortgaged property with the further direction to allow it to auction the mortgaged property in accordance with the provisions of the SARFAESI Act, 2002.

3. The facts of the case show that the petitioner bank is a private company incorporated under the Companies Act, 1956 and a Banking Company as defined under Section 5 of the Banking Regulation Act, 1949.

4. Respondent no.1 is the Deputy General Manager of the Northern Regional Office of respondent no.2-SEBI which is the regulatory body of the Securities and Commodities market in India, established in accordance with the Securities and Exchange Board of India Act, 1992 (hereinafter `SEBI Act, 1992').

5. Respondent nos.3 and 4 i.e., Mr. Deepak Goel and Mrs. Ruchika Goel, respectively, are the borrowers of the petitioner bank and had availed a home loan facility from the petitioner bank amounting to Rs.6,03,99,231/- vide facility agreement dated 22.09.2017, mortgaging the property in question. The home loan in question was disbursed by the petitioner bank to respondent nos.3 and 4 from its Green Park Branch, New Delhi.

6. On 22.09.2017 a Deed of Guarantee was executed by respondent nos.3 and 4 and they had created security interest in respect of the property in favour of the petitioner bank, while depositing with the petitioner bank the original title document of the said mortgaged property including the Sale Deed dated 22.04.2013. The petitioner bank had duly registered the said mortgaged property with the Central Registry of Securitisation Assets Reconstruction and Security Interest of India (hereinafter `CERSAI') on 17.10.2017.

7. It appears that in the year 2017, SEBI started an investigation against F6 Commodities Private Limited of which respondent nos.3 and 4 were directors. The investigation was initiated after receiving e- mails dated 27.07.2017 and 03.08.2017 from the National Stock Exchange.

8. On 29.05.2018 an ex-parte interim order was passed by the Whole Time Member of SEBI in the exercise of power under Section 19 read with Sections 11(1), 11(4), 11B and 11D of the SEBI Act, 1992, read with Regulation 35 of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 (hereinafter `Regulations, 2008') whereby, the following directions were issued:

"27. In view of the above, I, in exercise of powers conferred upon me by virtue of section 19 read with sections 11 (1), 11 (4), 11B and 11D of the SEBI Act, 1992, Regulation 35 of Securities And Exchange Board of India (Intermediaries) Regulations, 2008, by w