R.K. GUPTA, J. (CHAIRPERSON)

1. The Counsel for the parties are heard. The present appeal has been preferred by the appellant challenging the order passed by the Debts Recovery Tribunal on 11th April, 2013. By this order, the Securitization Application preferred by the appellants has been dismissed. The relevant facts for adjudication of the present case are that the present appellants are the legal heirs of the deceased borrower and are not the original borrowers. Since the dues were not repaid of the Bank by the original borrower and the legal heirs inherited the property left by the original borrower therefore, the Bank issued notice under Section 13(2) of the S.A.R.F.A.E.S.I. Act, 2002 to the appellant No. 1. Since the appellant No. 1 did not pay the dues therefore, the possession of the secured asset was taken through Collector who passed an order under Section 14 of the S.A.R.F.A.E.S.I. Act, 2002 therefore, the appellants preferred the Securitization Application under Section 17 of the Act. While filing the Securitization Application before the Tribunal, various grounds were raised by the appellants to challenge the notice issued under Section 13(2) of the S.A.R.F.A.