BELA M TRIVEDI, J.

1. Leave to amend the cause title for impleading the District Magistrate, and the Mamlatdar Executive Magistrate as the party-respondents in the petition is granted. Necessary amendment be carried out forthwith.

2. The petitioners by way of present petition filed under Article 226 of the Constitution of India have prayed for the following reliefs:

"25.(a) YOUR LORDSHIPS BE PLEASED to quash and set aside the declaration of account as NPA on 31.03.2018, as being without jurisdiction, illegal and in breach of the RBI guidelines on Framework for Revival & Rehabilitation of MSMEs, annexed at Annexure__ to this petition and in breach of RBI guidelines on Asset Classification, Provisioning and Income Recognition Norms to further issue a writ of mandamus to the Respondent bank directing the respondent Bank to implement and follow the RBI guidelines on Framework for Revival and Rehabilitation of MSMEs in the interest of justice.

(b) YOUR LORDSHIPS BE PLEASED to declare, quash and set aside the demand notice date 17.04.2018 at Annexure-B, issued by the respondent under section 13(2) of the SARFAESI Act, 2002 such as the possession notice dated 27.06.2018 at Annexure-H, order of the learned Collector dated 30.10.2018, annexed at Annexure J, as being illegal, without jurisdiction, in breach of the principles of natural justice and in violation of the guidelines of the Reserve Bank of India and the provisions of the SARFAESI Act, 2002 in the interest of justice.

(c) YOUR LORDSHIPS BE PLEASED to stay the order dated 30.10.2018 of the Ld. Collector, annexed at Annexure J, and the notice of the Ld. Mamlatdar dated 12.12.2018, annexed at Annexure K, and all subsequent steps pursuant to the demand notice dated 17.04.2018 taken by the respondent Bank under section 13(2) of the SARFAESI Act, 2002 and further be pleased to restrain the Respondent Bank from taking steps against the petitioners under the SARFAESI Ac, 2002 pending admission and final disposal of the petition."

3. The broad facts as transpiring from the petition and the annexures thereto are that the petitioner no.1 is a partnership firm and the petitioner no.2 is the father of one of the partners of the petitioner no.1 firm. According to the petitioners, the petitioner no.1 is a small enterprise as provided under the Micro, Small and Medium Enterprises Development Act, 2006. The petitioner company had availed finance from the respondent -Bank by way of cash credit limit of Rs.12 crores and term loan of Rs.1.20 crores. According to the petitioners, the petitioner no.1 company was regularly paying its installments, however, due to implementation of demonetization and GST, the petitioners' business started to suffer. It is the further case of the petitioners that the respondent Bank failed to act as per the guidelines of the RBI being Framework of Revival and Rehabilitation of Micro, Small and Medium Enterprises, dated 17.03.2016, and classified the account of the petitioner no.1 as Non-Performing Asset (hereinafter referred to as 'NPA') on 30.10.2018. The respondent Bank thereafter issued a demand notice dated 17.04.2018 to the petitioners under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the SARFAESI Act'). The petitioners therefore raised objections by writing a letter dated 13.06.2018, which objections were dealt with by the respondent bank as per section 13 (3-A) of the SARFAESI Act as per the letter dated 28.06.2018. According to the petitioners, however in the meantime, the respondent Bank proceeded to take symbolic possession of the secured assets of the petitioners by issuing possession notice dated 27.06.2018 informing the petitioners that the respondent Bank would take possession thereof on 05.07.2018. The respondent-Bank thereafter proceeded under the provisions of the SARFAESI Act by filing application and an affidavit before the District Magistrat