LISA GILL, J.

1. Prayer in this writ petition is for quashing notice dated 05.02.2022 under Section 13(2) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short – ‘SARFAESI Act’) and notice dated 08.05.2022 under Section 13(4) of SARFAESI Act.

2. It is submitted that petitioner - Company incorporated as Real Estate Company alongwith its sister concerns, is engaged in Real Estate Sector in North India and has completed multiple projects. Petitioner availed of term loan against property from respondent No. 1 i.e. Indiabulls Housing Finance Private Limited to the tune of Rs.75 crores in the year 2016. Sanction letter is attached as Annexure P1. Timely disbursements were being made by petitioner 1 of 10 but due to outbreak of pandemic COVID-19 and slow down in real estate sector, there was financial indiscipline. Proceedings under SARFAESI Act were initiated against petitioner with notice under Section 13(2) of SARFAESI Act being issued on 26.10.2020, which was duly replied to by petitioner. Notice dated 26.10.2020 was withdrawn by respondent No. 1 as communicated on 07.01.2021 (Annexure P5) with respondent No. 1 reserving its right to reinitiate the same in future in accordance with law. Account of petitioner, it is stated, was thereafter being regularly serviced though there was again financial indiscipline in latter half of 2021. Demand notice dated 05.02.2022 was again issued under Section 13(2) of SARFAESI Act (Annexure P6). Reply was submitted but objections raised by petitioner were dismissed summarily. It is submitted that thereafter petitioner did not receive any notice under Section 13(4) of SARFAESI Act but came to know about publication of possession notice in newspaper on 08.05.2022. Petitioner immediately approached respondents on 11.05.2022 with revised repayment schedule, which was accepted by respondents as evidenced by e-mail dated 12.05.2022 (Annexure P11).

Repayment proposal given by petitioner is as under:-

1. INR 25 crores by 31st May 2022

2. INR 25 crores in June 2022

3. INR 15 crore in July 2022

4. INR 25 crores in August 2022

5. Balance amount of the outstanding facility by October 2022

3. It is submitted that pursuant to approved repayment schedule, sum of Rs.12 crores was deposited on 12.05.2022 and another amount of Rs.8 crores on 27.05.2022. Despite approval of revised repayment schedule, respondents 2 of 10 continued with proceedings under SARFAESI Act in an illegal manner. Hence, present writ petition.

4. Notice of motion was issued by Co-ordinate Bench in this writ petition on 01.06.2022 while noting the contention on behalf of petitioner that petitioner had deposited sum of Rs.25 crores by 31.05.2022 pursuant to its proposal for revised payment schedule as communicated vide e-mail dated 11.05.2022 and which on perusal of e-mails attached as Annexures P10 and P11 seemed to have been agreed to. It was further directed that in view of deposit of said amount, no coercive action should be taken against petitioner by respondents till next date of hearing.

5. It is to be noted at this stage that debt in question was assigned by respondent No. 2 i.e. Indiabulls Asset Reconstruction Company Limited to Assets Care and Reconstruction Enterprise Limited (ACRE) vide assignment agreement dated 29.06.2022. CM-4165-CWP-2023 was duly filed by ACRE to be impleaded as party.

6. Learned counsel for respondents raised preliminary objection regarding entertainability of this writ petition. It was further submitted that petitioner has tried to mislead this Court by stating that amount of Rs.25 crores has been deposited with respondents in May, 2022 whereas it is only sum of Rs.5 crores which was deposited and that sum of Rs.20 crores was deposited with Indiabulls Commercial Credit Limited (ICCL) on 30.05.2022. It was asserted by learned counsel for respondents that this amount of R