S.J. Mukhopadhaya, J.

1. The petitioner, one of the Director and shareholder of Merit Resorts Pvt. Ltd., (hereinafter referred to as company) has preferred the writ petition against the order dated 3rd Oct., 2007, passed by the Debts Recovery Tribunal – I, Chennai (hereinafter referred to as DRT) and order dated 18th July, 2008, passed by Debts Recovery Appellate Tribunal, Chennai (hereinafter referred to as Appellate Tribunal).

The DRT, while dismissed the appeal u/s 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (hereinafter referred to as SARFAESI Act), the Appellate Tribunal affirmed the same giving rise to the present writ petition.

2. The petitioner is one of the founder Director of M/s. Merit Resorts Pvt., Ltd., a company incorporated under the Companies Act. The said company obtained loan from Canara Bank, Chennai (hereinafter referred to as Bank) and having failed to pay the same, the Bank took steps u/s 13 (2) followed by Section 13 (4) of the SARFAESI Act against the company. The company filed an appeal before the DRT in S.A. No.27/06 challenging the notice u/s 13 (2), which was dismissed as prematu