J U D G M E N T

1. This petition seeks to challenge the proceedings under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'SARFAESI Act, 2002') initiated by the respondents being SA No.15/2023, before the Additional Chief Metropolitan Magistrate- 01, New Delhi District, Patiala House Courts, New Delhi (in short 'ACMM’).

2. It is noted that at the instance of respondent No.1-Canara Bank, the proceedings in SA No.15/2023 filed under Section 14 of the SARFAESI Act, 2002 have been initiated against the petitioners vide order dated 01.02.2023. The learned ACMM appointed Shri Virender Kumar, Advocate as the Receiver to take possession of the mortgaged property i.e. Residential Flat No. E-4/6, Ground Floor, Vasant Vihar, New Delhi.

3. Learned senior counsel appearing for the petitioners states that the initiation of the instant proceedings is completely without jurisdiction in as much as the respondents do not fall within the definition of ‘secured creditor’ as defined under Section 2(1) (zd) of the SARFAESI Act, 2002 as the entire debt has already been converted into equity resulting in the entire debt itself b