Hon'ble Ashok Bhushan, J.—Heard Shri Ashok Pandey, learned counsel for the petitioners and Shri Manish Mehrotra, learned counsel appearing for the respondents Bank.

2. The petitioners, by this writ petition have prayed for quashing the e-auction notice dated 25.8.2013, issued by the Bank for auction of the mortgaged assets in exercise of power under Section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter called the “Act, 2002”).

3. Brief facts giving rise to this writ petition are: On an application made by the petitioner No. 1 through petitioner No. 2 a Cash Credit Limit of an amount of Rs. 1.5 Crores was sanctioned by the Bank in favour of the petitioner No. 1. Similarly, on an application made by the petitioner No. 3, through petitioner No. 4 a Cash Credit Limit of Rs. 1 Crore was sanctioned in favour of the petitioner No. 3 by the Bank. The account of the petitioners No. 1 and 3 were declared NPA on 28.9.2012. A demand notice dated 6.5.2013, under Section 13(2) of the Act, 2002 was issued calling the petitioner No. 1 to pay an amount of Rs. 1,50,17,663.46 and the petitioner No. 3 to pay an a