NAITIK GEMS Vs. AUTHORISED OFFICER, RELIGARE FINVEST LTD.

JUDGEMENT

(1.) By way of present petition, the petitioners have challenged the order dated 16.7.2020 passed by the learned Presiding Officer of the Debt Recovery Tribunal -2, (hereinafter referred to as "DRT") Ahmedabad in Securitisation Application No. 200 of 2020. By the said order interim relief was refused by the DRT.

(2.) It is the case of the petitioners that interim relief is refused without recording any reason. It is contended that action taken under the provisions of Securitisation and Reconstruction of Financial Asset and Enforcement of Security Interest Act 2002 (hereinafter referred to as "SARFESI Act") is ex- facie without jurisdiction and completely illegal. It is contended that the District Magistrate, Botad has ordered for physical possession of the properties of the petitioners de hors the provisions of the Act and without recording any satisfaction. The main contention of the petitioner is that the Notification dated 5/8/2016issued by Ministry of Finance, Government of India does not empower respondent to initiate any action under the provision of SARFESI Act.

(3.) At the time of arguments, learned advocate for the petitioners has drawn the attention of this Court towards 5 different agreements.