of the account as NPA without issuing any notice to the applicants, then notice under Section 13(2) of the Act, dated 12.10.2022, further possession notice dated 19.01.2023 and order dated 12.06.2023, passed by the District Magistrate, Bhiwani, on the application filed by the respondent FI under Section 14 of the Act is against the provisions of the Act and Rules and the same was liable to set aside inter alia on the ground that the Ministry of Finance, Government of India vide Notification dated 24.02.2020 and subsequently, vide Notification dated 12.02.2021 had specified that non-banking financial institutions as defined in clause F Section 45(1) of Reserve Bank of India Act, 1934 (2 of 1934) having assets worth Rs.100 crore and above, which shall be entitled to enforcement of security interest in security debts of Rs.20 lac and above, as Financial Institutions for the purpose of said Act. It is further the case of the applicants that the Respondent-FI has initiated action under the provisions of the Act against the applicants for enforcement of security interest in secured debts of Rs. 7,29,908/- and thus, the action of the respondent FI is against the law and same is not maintainable and it was liable to be set aside.
