- (1.) THE challenge in this writ petition is to a notice dated 22nd February, 2010 issued by Punjab National Bank. Although the said notice was issued in purported exercise of power conferred by Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereafter 'the Act'), the bank did not take possession of the secured asset; instead, by the said notice it conveyed its decision of taking possession of the secured asset if the petitioners failed to deliver possession before 12th March, 2010.
(2.) IT is not in dispute that challenging the aforesaid notice, an application under Section 17 of the Act was filed by the petitioners before the Debts Recovery Tribunal having jurisdiction and the petitioners also obtained an interim order of injunction which remained operative for nearly four years. Only recently, the application under Section 17 of the Act has been rejected by the Tribunal on the ground that the same is premature.
(3.) IT is further not in dispute that challenging the order of dismissal of the application under Section 17 of the Act, the petitioners filed a recalling application and this writ petition has been presented at a point of time when the recalling application was pending before the Tribunal. That the recalling application has since been dismissed by the Tribunal yesterday, is also not in dispute. Mr. Saha, learned advocate for the bank takes a preliminary objection to the maintainability of the writ petition. According to him, the petitioners by presenting this writ petition have been pursuing parallel remedy which is not permissible in law.;