JUDGMENT

DR. B.S. CHAUHAN, C.J. : This writ petition has been filed for quashing the judgment and order of the Debts Recovery Tribu¬nal, Cuttack (hereinafter called ‘the Tribunal’) in O.A. No.29 of 2006 and for quashing of the auction sale by opposite party No.1-Bank in pursuance of publication of notice dated 10.11.2005.

FACTUAL MATRIX :

2. The facts and circumstances giving rise to this case are that petitioner No.1 had availed a cash credit loan to the tune of Rs.2,00,000/- (two lakhs) in the year 1997 from the opposite party-Bank to run its business. Petitioners No.2 and 3 stood as guarantors by securitizing their assets pertaining to Sabak Plot No.2, Sabak Khata No.94 corresponding to Hal Plot No.2, Khata No.100 of Mouza, Baramunda.

3. Petitioner No.1 could not repay the loan as per the terms incorporated in the agreement. Therefore, opposite party-Bank issued a notice dated 24.5.2004 under Section 13 (2) of the Securitisation and Reconstruction of the Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter called “the Act, 2002”). The Bank issued another notice dated 8.10.2004 under Section 13 (4) of the Act, 2002 and appointed M/s. Lalita Chambers & Cons