JUDGMENT :

A.M. BADAR, J.

1. This Original Petition under Article 226 and 227 of the Constitution of India has been filed by the Authorized Officer, Indian Bank with the following prayers:-

(a) Set aside Exhibit P6 order of the Debts Recovery Tribunal-II, Ernakulam and dismiss the SA and restore the sale conducted by the petitioner in favour of the 4th respondent.

(b) Declare that the SA was not maintainable before the Debts Recovery Tribunal since the same was beyond the period of limitation under Section 17 of the Securitization Act.

Respondent Nos. 1 and 2 are the guarantors whereas the 3rd respondent is the principal borrower. The 4th respondent is the auction purchaser.

2. Heard the learned counsel for the petitioner as well as the learned counsel for the respondents.

3. At the outset, let us put on record the facts which would enable us to grasp the background of issues involved in the instant petition:-

(a) The 3rd respondent, M/s. Brubex Global, had availed a term loan of Rs. 7 lakhs on 03.05.2006 and open cash credit facility for Rs. 80 lakhs on 24.05.2008. Respondent Nos. 1 and 2 stood as guarantors for the loan facility availed by the 3rd respondent. Security interest came to be