Learned Advocate for the Petitioners is absent while Mr. Umang Oza, learned Advocate for Shri P.R.Nanavati is present. It is submitted that the impugned order is illegal exercise of power by the learned Magistrate in as much as action in accordance with the law and under provisions of Securitisation & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 were taken by the Petitioners after following Section 13(4), 14 of the said Act and if any remedy is available under Section 17 of the said Act. Issue Notice returnable on 15/06/2012. In the meanwhile, ad-interim relief in terms of para 8(B).
[ANANT S. DAVE, J] //saj// Top