- (1.) As per the averments made in the Writ Petition, the petitioner Nos. 1 and 2 took loan for the housing purposes in March, 2005. The petitioner Nos. 3 to 5 also took loan in March? 2005.
(2.) The property in question was given as security for the said house loan.
(3.) The petitioners committed default in payment of the said loan. Consequently, proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short " the Securitization Act") have been initiated for sale of the secured asset.;