Hon’ble Sudhanshu Dhulia, J. (Oral)

Petitioners had borrowed a loan from the respondent-Bank, namely, State Bank of India, Main Branch, Kashipur, District-Udham Singh Nagar in the year 2010, for an amount of ‘65.00 lakhs. This loan could not be repaid and, consequently, the respondent-Bank proceeded under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (from herein after referred to as “the SARFAESI Act ”).

2. A notice under Section 13 (2) of the SARFAESI Act, 2002 was given to the petitioners to which petitioners gave a reply. Meanwhile, the respondent-Bank also filed an Original Application before the Debt Recovery Tribunal, Lucknow under Section 19 (1) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (from herein after referred to as “the DRT Act”). Thereafter, the Bank proceeded under Section 13 (4) of the SARFAESI Act and took a symbolic possession of the secured asset, namely, the land which was mortgaged to the Bank.

3. Now, actual possession is being taken and further proceeding are to be done by the Bank, as indicated under Section 13 (4) of the SARFAESI Act. Meanwhile, the res