- (1.) This application is at the instance of the judgment debtors and is directed against the judgment and order dated June 17, 2013 passed by the learned Presiding Officer, Debts Recovery Tribunal II, Kolkata in S.A. No.487 of 2013 thereby rejecting an application under Section 17(1) of the SARFAESI Act, 2002.
(2.) The petitioners are the debtors and they availed the credit facilities from the opposite party/bank. They made repayment of loan to some extent but not entirely, and accordingly the bank had to take recourse under the provisions of Section 13(2) of the SARFAESI Act, 2002.
(3.) Accordingly, possession of the mortgaged property was taken up and it was duly advertised. Subsequently, the creditors filed an application under Section 17(1) of the SARFAESI Act, 2002 before the Debts Recovery Tribunal which was dismissed by the impugned order. Being aggrieved, this application has been preferred.;