Nooty.Ramamohana Rao, J.

The Writ Petitioner is an industrial machinery manufacturing company. It seeks to challenge the validity of the notice issued by the respondents under Sub-Section 2 of Section 13 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (for short, referred to as SARFAESI Act henceforth).

2. According to the petitioner, it had been manufacturing engineering machinery, particularly, process boilers and industrial power boilers. It has earned name for itself for the precision and skill employed by it in making boilers as well as for the quality of the products manufactured. It has, in fact, started earning foreign exchange to the country by exporting the machinery manufactured by it to Thailand. It has reached a peak turnover of Rs.210 crores by 2010-2011. During the year 2010-2011, it has entered into an export order for supplying process boilers to a sugar industry in Thailand. It has erroneously considered that EURO is more stable than US$ and hence negotiated for payment in Euros. Unfortunately, the economic conditions in Europe have started taking a downward slide resulting in the Euro losing much o