JUDGMENT :

1. Heard learned advocate Mr. Anand B. Gogia for the petitioners and learned advocate Mr. Bhaskar Sharma for respondent nos.1 and 2.

2. Rule returnable forthwith. Learned advocate Mr. Bhaskar Sharma waives service of notice of rule on behalf of respondent.

3. By this petition under Article 226 of the Constitution of India, the petitioners have challenged the order dated 09.08.2018 passed by respondent - Bank of Baroda, whereby the petitioners were declared as “Willful Defaulters” and also challenged show cause notices dated 07.04.2018 and 04.06.2018.

4. Brief facts of the case are as under :

4.1) The petitioner no.1 is a partnership firm registered under the Indian Partnership Act. Petitioner nos. 2 and 3 are the partners of the firm.

4.2) The petitioners are the borrowers of respondent bank and had availed the loan facilities.

4.3) For default in payment of loan availed, the respondent bank issued notice dated 14.10.2015 under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (‘the SARFAESI Act’) stating that loan account of the petitioners has been classified as Non Performing Asset (NPA) and the bank has