- (1.) RAJESH Chandra, J. As per the averments made in the Writ Petition, the petitioner took Cash Credit Facility from the Respondent No.3- State Bank of India for business purpose.
(2.) THE property in question was given as security for the said facility. The petitioner committed default in payment of the said loan. Consequently, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short " the Securitisation Act") have been initiated for sale of the secured asset. Possession Notice dated 10.5.2011 has been issued in this regard.
(3.) THE petitioner has filed the present Writ Petition, inter-alia, praying for quashing the Possession Notice dated 10.5.2011. The petitioner in the present Writ Petition is impugning the proceedings being taken against him under the Securitization Act on various grounds.;