JUDGMENT :

AUGUSTINE GEORGE MASIH, J.

Challenge in this writ petition is to the order dated 17.05.2017 (Annexure P-1) passed by the Additional District Magistrate, Ludhiana, exercising the powers of District Magistrate, rejecting the application of the petitioner filed under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as “the SARFAESI Act”).

2. Briefly the facts are that petitioner-Kotak Mahindra Bank Limited is a banking company under the provisions of the Banking Regulation Act, 1949 and incorporated under the Companies Act, 1956. Various credit facilities have been provided to M/s Oswal Spinning and Weaving Mills Limited (the company) by way of financial assistance by UCO Bank, IFCI Limited, State Bank of Patiala, Life Insurance Corporation of India, General Insurance Corporation and United India Insurance Corporation. To secure the credit facilities sanction, the company credited security interest by way of creation of mortgage in favour of the lenders on its immovable and movable properties. These financial facilities were also secured by the personal guarantees of Mr. D.P. Oswal,