JUDGMENT

The petitioners have approached this Court challenging the proceedings initiated against the petitioners under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act) to recover amounts due under a loan availed by the petitioners from the respondent bank.

2. According to the petitioners, the 1st petitioner is a Micro, Small or Medium Enterprise (hereinafter referred to as ‘the MSME’) entitled to the benefits of the framework for revival and rehabilitation of the MSME’s which has been framed in respect of MSME’s registered as such under the Micro, Small and Medium Enterprises Development Act, 2006 (hereinafter referred to as ‘the MSMED Act’). It is submitted that the Reserve Bank of India (hereinafter referred to as 'the RBI') has issued guidelines directing that the framework for the revival and rehabi