1. Heard Mr. G. Agni, learned counsel appearing for the petitioners, Mr. P. Rao, learned counsel appearing for the respondent No. 1 and Mr. D. Lawande, learned Government Advocate appearing for the respondent Nos. 3 and 4.

2. The above Writ Petition seeks for a direction inter - alia to quash and set aside the impugned orders dated 10.07.2014 and 30.10.2014 and the impugned notices dated 31.10.2011 and 20.11.2013 issued under S.13(2) and S.13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (herein after referred to as " the SARFAESI Act") being illegal and bad in law.

3. Briefly, the facts of the case as stated by the petitioners are that the petitioner No. 1 appointed one Mr. Ajay Verma, proprietor of M/s. Aesquire Estates to develop a plot of land belonging to the petitioner No. 1. The said Mr. Ajay Verma availed a loan from the respondent No. 1 by offering a security of the petitioners' land with building. The respondent No. 1 sanctioned a loan of Rs. 15 lakhs on 05.12.1998 in the name of the petitioner No. 1. However, in the same sanctioned letter, clandestinely, it was mentioned that the entire loan amount is to be