JUDGMENT :

N.V. RAMANA, J.

1. Leave granted.

2. The present appeal arises out of the impugned order dated 31.12.2014 in Case No. 42/SA/2012 of the Chief Metropolitan Magistrate, Esplanade, Mumbai rejecting the application of the intervenor who is the appellant-tenant herein seeking to stay the execution of order passed under Section 14 of The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [hereinafter referred to as the “SARFAESI Act”] for taking possession of the property in question.

3. The property in question is a residential flat admeasuring about 1020 sq. ft. situated in Andheri (West), Mumbai (hereinafter referred to as the “secured asset”). The secured asset was REPORTABLE mortgaged by respondent no. 2-borrower/landlord with the respondent no. 1-bank in equitable mortgage, by depositing title deeds on 20.05.2000, with an intention to secure the credit facility. When the respondent no. 2-borrower/landlord failed to make the due repayment of the said credit facilities, the respondent no. 1bank classified the debt as a “Non-Performing Asset (NPA).” Thereafter, on 30.04.2011 a statutory Demand Notice under Section 13(2) of the S