- (1.) It appears that the petitioner took loan for housing purposes from the respondent No. 1-Punjab National Bank Housing Finance Limited, Varanasi.
(2.) The petitioner committed default in payment of regular instalments. Consequently, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 were initiated against the petitioner.
(3.) A Notice dated 19.1.2008 under Section 13 (2) of the aforesaid Act was issued to the petitioner. This was followed by a Possession Notice dated 14.10.2008 under Section 13 (4) of the said Act for taking possession of the property given as security for the aforesaid loan.;