Arijit Banerjee, J. - (1.) We took up the matter for hearing since the learned counsel for the appellants pleaded grave urgency.
(2.) We have heard learned counsel for the parties.
(3.) The writ petition was filed praying for reliefs which are quia timet in nature. The State Bank of India had issued notice under Section 13(2) of the SARFAESI Act. The appellants approached the learned Single Judge apprehending action under Section 13(4) of the SARFAESI Act. The contention of the appellants is that in view of Section 13(9) of the SARFAESI Act and in view of the fact that the State Bank of India does not have at least 60% of share in the consolidated amount lent to the appellants, the State Bank of India cannot take any action under Section 13(4) of the SARFAESI Act.;