Ajay Kumar Mittal, J.

1. The petitioners have approached this Court under Articles 226/227 of the Constitution of India, inter-alia seeking quashing of proceedings initiated by respondent-Bank vide petition dated 16.03.2016 (Annexure P-5) under Section 14 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the Act').

2. Few relevant facts necessary for adjudication of the present petition as narrated therein are that the petitioners have raised a term loan by mortgaging their house from Indian Overseas Bank, Barnala. The said loan was being repaid with interest @ 13.5%. The respondent-Axis Bank, Barnala gave offer to the petitioners to shift their loan to the respondent-Bank with lower rate of interest @ 13% per annum. The petitioners have taken one term loan of Rs. 40 lacs and overdraft limit (facility) for Rs. 30 lacs in the year 2012 which was reduced to Rs. 27 lacs in the year 2013 and thereafter, from Rs. 27 lacs to Rs. 24 lacs in the year 2015. In lieu thereof, seven blank cheques bearing Nos. 129624 to 129630 were taken by the respondent-Bank and the petitioners were also forced to take an insurance