SUNITA AGARWAL,J. - (1.) Heard learned counsel for the parties.
(2.) The present petition is directed against the order dated 18.9.2017 passed by the Debt Recovery Tribunal, Allahabad whereby the Securitisation Application No. 205 of 2016 filed by the petitioners under section 17(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'the SARFAESI Act, 2002') has been rejected being not maintainable. The petitioners are also challenging the directions issued by the respondent No. 2 namely the Chairperson/In-Charge of Debt Recovery Appellate Tribunal (in short 'the DRAT') dated 13.9.2017 whereby guidelines have been issued by the Appellate Authority in exercise of power of superintendence to the Debt Recovery Tribunals in the matter of applications under Section 17(1) of the SARFAESI Act, 2002.
(3.) In short, the dispute being raised herein is regarding the rejection of the Securitisation Application on the ground that the said application was maintainable only after one of the measures under Section 13(4) is taken by the Secured Creditor (respondent-Bank) is complete and actual physical possession of the Secured Assets is taken by it.;