The petitioners challenge Exts.P6 and P7 notices issued under the Revenue Recovery Act [for short "the RR Act"] demanding an amount of Rs.20,13,87,103/-with interest at 19.75% per annum with effect from 8.2006 as also collection charges at 5.5%. The notices under the RR Act are under challenge in this Writ Petition inter alia on the ground that the provisions of the RR Act cannot be invoked for recovery of amounts due from the petitioners at the instance of the 3rd respondent. The 3rd respondent is a new Generation Bank, and it is not in the public sector. The petitioners challenge the notices under the RR Act on more than one ground.

2. It is firstly contended that the 3rd respondent has already approached the Debt Recovery Tribunal, Ernakulam in O.A.No.227/06. It is then contended that the 3rd respondent has also invoked the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Act 54/02) (for short Securitization Act) and in exercise of the powers under 5.13(4) of the Securitization Act, some of the mortgaged properties have been taken possession of by the 3rd respondent. At the same time, the impugned notices