- (1.) The instant petition is directed against notice dated 11.07.2011 (P-5) issued by Arcil Arms-respondent No.4, under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity ' the SARFAESI Act'). It has also been prayed that notice dated 19.12.2011 (P-1)) concerning taking of possession be also quashed.
(2.) It is appropriate to mention that the petitioners are borrower of the ICICI Bank which in terms of Section 5 of the SARFAESI Act has assigned and transferred their loan account to Arcil-respondent No.4 under its Retail Loan Fortfolio 001- Trust. Accordingly, a notice under Section 13(2) of the SARFAESI Act was issued by Arcil Arms-respondent No.4 (P-5). The petitioners filed a representation under Section 13(3)(a) of the SARFAESI Act and asked respondent No.2-ICICI Bank to deposit the entire outstanding amount.
(3.) Some objections were also raised with regard to demand raised by Arcil Arms-respondent No.4. The aforesaid objections appear to have been replied on 08.11.2011, wherein Arcil Arms-respondent No.4 has inivited the petitioners for discussion and settlement of accounts at their Ludhiana office. This was followed by a letter written by the petitioners to all the respondents. In para 16 of letter dated 28.11.2011, it has been highlighted that the petitioners sent a cheque of Rs. 5,30,836/- dated 28.11.2011 towards balance principal amount to respondent No.2. Once original lenderrespondent No.2 has assigned and transferred the facility agreement, security documents and all other transactional documents in terms of Section 5 of the SARFAESI Act then there was no question of sending a cheque to original lender, namely, ICICI Bank-respondent No.2. This has again resulted in issuance of a notice for taking possession of secured assets on 19.12.2011 by Arcil Arms-respondent No.4.;