JUDGMENT

Dated this the 17th day of March 2020 Petitioners 1 and 2 herein are proprietary concerns and the petitioners 3 and 4 are its partners. According to the petitioners, the second petitioner was sanctioned a loan of Rs. 90,00,000/- for export packing credit by the first respondent bank. Properties of the firm were given as security. In relation to the consignment made to an overseas purchase in 2013, dispute arose between the petitioners and the first respondent. Consequent to the above dispute, the amount payable under the loan transaction was not remitted by the petitioners. The bank threatened to declare the loan account as NPA and to attach the property given as security. Faced with this threat, the second petitioner filed OS No.152/2016 before the Sub Court, Ernakulam claiming damages from the bank. The suit is stated to be pending. Petitioners also filed SA No.311/2016 before the DRT Ernakulam challenging the securitisation proceedings initiated under the Securitisation and Reconstruction Financial Assets and Enforcement Security Interest Act 2002 ( SARFAESI Act). The above proceedings were initiated by the bank demanding recovery of Rs. 1,09,50,000/- due under the pack