The petitioner has prayed for quashing the notice dated 13th January, 2010 issued by the respondent under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter to be referred as 'SARFAESI Act' or 'the Act') and for quashing the notice dated 31st May, 2010 issued under Section 13(4) of the SARFAESI Act read with Rules 8 and 9 of the Security Interest (Enforcement) Rules, 2002 and the proceedings subsequent thereto.

2. The petitioner deals in business of sale and services of electronic goods and for carrying on smooth business, the petitioner had approached the Respondent No. 1 Canara Bank on 30th August, 2007 for financial assistance by way of Cash Credit Facility. Canara Bank (Tharpakna Branch) sanctioned cash credit facility up to Rs. 50.00 lacs and. accordingly, a current account was opened oh 12th September, 2007 in the name of the petitioner. Since then the petitioner had been availing the said facility. The petitioner was also making repayment of the loan.

3. According to the petitioner, suddenly a notice dated 13th January, 2010 under Section 13(2) of the SARFAESI Act was served on him, ,infor