Ajay Kumar Mittal, J.

The petitioners pray for quashing the impugned order dated 7.6.2016, Annexure P.13 passed by Debt Recovery Tribunal-I, Chandigarh (in short, DRT-1) whereby appeal under section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) has been dismissed. Further prayer has been made for quashing the notices issued by the Bank under section 13(2) of the SARFAESI Act and the application for possession of the property filed by the respondent Bank. Direction has also been sought to the respondents not to initiate coercive methods against the petitioners under the SARFAESI Act.

2. A few facts relevant for the decision of the controversy involved as narrated in the petition may be noticed. Petitioner Nos. 1 and 2 applied for housing loan for the purchase of a residential house and its construction with the intention to create an asset and also derive income from the same and repay the loan amount. Respondent No.1 Bank sanctioned housing loan of Rs. 3.63 crores i.e. Rs. 2.43 crores for the purchase of the house and Rs. 1.20 crores for the construction. Accordingly, a loan agreement for housin