CAV ORDER

The petitioners are before this Court seeking quashing of notices issued on 14-12-2023, 12-03-2024 and 18-03-2024 by respondent invoking the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ‘the Act’ for short).

2. Heard Sri R.S.Rajesh, learned counsel appearing for the petitioners and Smt. Sadhana Desai, learned counsel appearing for the respondent.

3. Facts, in brief, germane are as follows:-

The 1^st petitioner is a partnership firm constituted by the 2^nd petitioner along with his wife and mother, petitioners 3 and 4. For the sake of convenience in this order all the petitioners would be referred to as the petitioner/firm/unit. The office of the petitioner was in Bangalore. The firm was said to have been registered under the Micro, Small and Medium Enterprises Development Act, 2006 (‘MSMED Act’ for short) and the firm was eligible for all Government schemes in terms of notifications issued from time to time by the Ministry of Finance concerning benefits, obligations and liability. The firm on 05-10-2022 approaches the respondent/State Bank of India (‘the Bank’ for short) re