P.K. Misra, J.

Respondents have entered appearance and filed their counter. The matter is taken up for disposal with the consent of the counsel appearing for the parties. The present writ petition has been filed praying for declaration, declaring the action of the first respondent in proceeding under the Sarfaesi Act (hereinafter referred to as the Act) and confirming the sale in respect of the properties of the petitioners comprised at new door No.61, old door No.7, Part, Gajapathy Street, Aminjikarai, Chennai- 600 030 and Door No.8, Kanniammal Koil Street, Shenoy Nagar, Chennai-600 030 in favour of the second respondent as arbitrary, illegal, unconstitutional and ultra vires the provisions of Sarfaesi Act and Security Interest (Enforcement) Rules, 2002.

2. Bereft of all details, the basic facts are as follows:-

The present writ petitioners are the borrowers. In respect of a loan transaction entered between the present petitioners and the first respondent Bank, the property in question was given as a security. After the Bank took action under the requisite provisions under Section 13(4) of the Sarfaesi Act, challenging the sale notice, proceedings under Section 17 was i