ORDER:

Ujjal Bhuyan, J.

Seven petitioners have joined together and have instituted the present common proceeding under Article 226 of the Constitution of India assailing the legality and validity of the measures taken by the respondents under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (briefly, ‘the SARFAESI Act’ hereinafter) including issuance of e-auction sale notice dated 27.10.2021 fixing auction sale of the schedule property on 08.12.2021.

2. We have heard Mr.Mamidi Avinash Reddy, learned counsel for the petitioners and Mr.A.Krishnam Raju, learned counsel for the respondents.

3. Petitioner No.1 is a company incorporated under the provisions of the Companies Act, 1956. It is engaged in the hospitality business in what was then the composite State of Andhra Pradesh. In this regard, petitioner No.1 proposed to construct a five star hotel at Tirupati by entering into an agreement with the Holiday Inn Group on 30.12.2008.

4. Petitioner No.1 entered into a term loan agreement dated 30.08.2011 with a consortium of banks, the lead bank being the then State Bank of Hyderabad. As per the term loan agreement, consortium of banks ha