- (1.) Heard learned counsel for the petitioners, learned counsel for the Bank and learned Standing Counsel for State-respondents.
(2.) By means of this writ petition, the petitioners are challenging the demand notice dated 02.05.2012 and recovery proceeding as initiated against them by the Bank.
(3.) Facts in brief are that the petitioners had taken a Cash Credit Loan of Rs. 2 lacs in the year 2003. On default being committed with regard to the payment of the installments, the Bank has issued a demand notice under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 on 21.01.2012 seeking recovery of an amount of Rs. 2,93,938/- plus interest. In pursuance of the said proceedings under SRFAESI Act, 2002, the Bank has also issued possession notice on 02.05.2012.;