The petitioner, which is a manufacturing unit of MS Ingots, castings and other still products, had taken loan of Rs. 55 Lacs from the respondents-Punjab and Sind Bank under hypothecation after equitable mortgage in the year 2001 by way of cash credit facility.

2. The petitioner had been paying the amount of accrued interest and submitting the stock statement and other documents as prescribed by the Bank.

3. By letter dated 9-3-04 (Annexure-2), the petitioner was informed by the respondent-Bank that the sale proceeds as well as the stock statement have not been submitted and the same must be submitted to the Bank.

4. The petitioner submitted all the required documents and also explained that the delay was due to illness of the Director (Annexure-3). The petitioner requested the respondents-Bank to resume the transaction.

5. Suddenly the petitioner was served with a notice dated 29-11-04 (Annexure-8) from the respondents-Bank purportedly sent under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the said Act, 2002'). The notice was addressed to the petitioner and the guarantors.