JUDGMENT :

SANDEEP SHARMA, J.

1. By way of instant petition filed under Article 226 of the Constitution of India, petitioners have prayed for the following main reliefs:

“(A) Writ of Certiorari be issued by declaring the entire exercise of taking over and handing over the industry under the provisions of Section 13 of SARFAESI Act, 2002 illegal, arbitrary, capricious, as the respondent Bank has committed procedural impropriety and has desperately failed to adhere the statutory provisions of SARFAESI Act, 2002 and Recovery of Debts and Bankruptcy Act, 1993 and Security Interest (Enforcement) Rules, 2002 due to said omissions/lapses the petitioners were forced to sustain heavy losses to the sum of Rs. 1,75,00,000/- occurred during statutory proceedings of taking over physical possession of industry under Section 13(4) of SARFAESI Act, 2002 on account of theft/ Embezzlement of goods, material, parts of plants and machinery etc.

(B) Writ of Mandamus be issued by directing the respondent Bank to indemnify the petitioners for losses sustained by them to the sum of Rs. 1,75,00,000/- occurred during statutory proceedings of taking over physical possession of industry under Section 13 (4) of SA