( 1 ) THE petitioners herein have challenged a notice dated 25-1-2006 issued by the respondent under section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (here-in-after referred to as ?the Act of 2002? ). The petitioners have also challenged a communication dated 15-5-2006 by which the respondent-Company disposed of the objections of the petitioners to the notice dated 25-1-2006 under section 13 (2) of the Act of 2002.

( 2 ) SHORT facts leading to the present petition are as follows :2. 1 The petitioner no. 1 is a Company registered under the provision of the Companies Act. The petitioner no. 2 is a whole time Director of petitioner no. 1-Company. The respondent is also a Company registered under the Companies Act. 2. 2 The respondent-Company is a Securitisation and Reconstruction Company registered with Reserve Bank of India under section 3 of the Act of 2002. 2. 3 It is not in dispute that the respondent-Company acquired under various agreements, financial assistances-together with all underlined securities and interest-in the petitioner no. 1-Company. 2. 4 It is virtually undisputed that substantial outstandin

Click Here to Read the rest of this document