J.B. Pardiwala, J.

1. By way of this writ-petition under Article 226 of the Constitution of India, the writ-petitioner has prayed for declaration that the provisions contained in Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the Act') are ultra vires the Constitution of India and has also' prayed for quashing and setting aside the order dated January 30, 2012 passed by the District Magistrate, Surat in exercise of powers under Section 14 of the Act. The facts relevant for the purpose of deciding this petition can be summarized as under.

1.1 The petitioner No. 1 is a private limited company and the petitioner Nos. 2 to 4 are its Directors. The petitioners availed of loan facility from respondent No. 2-Bank and as they failed to repay the loan amount, they were declared as defaulters. As the petitioners defaulted in repayment of the loan amount, the Bank decided to proceed against them under the Act. The Bank issued a notice under Section 13(2) of the Act and called upon the petitioners to make good the payment failing which the Bank would proceed to take over the possession of