- (1.) Heard learned counsel for the petitioners and the learned Standing Counsel for the respondent no.2. No notice is issued to the respondent no.1 in view of the order which is being passed. Liberty is reserved to the said respondent for variation/modification of the order if it feels aggrieved.
(2.) By this petition, petitioners has prayed for quashing the order dated 24/6/2013 passed by the District Magistrate, Allahabad under Section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for taking possession of the mortgaged assets of the house situate in Arazi No.173 Mauja Kajipur, Pargana Arail Tehsil Karchana District Allahabad.
(3.) Petitioners' case in the writ petition is that they had taken a Housing Loan of Rs.1,50,000 /- in the year 2003. Petitioners committed default, hence the Bank has issued notice dated 01/2/2008, under Section 13(2) of the Act, 2002 demanding an amount of Rs.140119.32. Petitioner failed to deposit the amount, hence the Bank invoked Section 13(4) of the Act, 2002. The Bank thereafter moved an application before the District Magistrate for taking possession of the mortgaged assets of the petitioners on which an order has already been passed on 24/6/2013.;