The petitioners, husband and wife, are Medical Practitioners with 20 years experience. They availed loan of Rs.20,00,000/- for construction of hospital (Door No.7-23-1, T.Nagar). They allegedly repaid an amount of Rs.25,00,000/- towards interest and principal. However, the first respondent – Bank issued notice of demand dated 06.05.2011 under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the SARFAESI Act), requiring the petitioners to pay the balance amount of Rs.43,69,721/-. They immediately sent a reply on 02.07.2011. They sought a statement of account which was furnished to them on 08.07.2011. In the meanwhile, the first respondent issued possession notice dated 19.01.2012 under Section 13(2) of the SARFAESI Act read with Rule 8 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Rules, 2002. It is further alleged that after issuing possession notice, though hospital is being run by the petitioners, the officials are regularly coming and threatening to take coercive steps. Therefore, the present writ petition is filed seeking a direction not to take any coercive steps.
