(1.) Introductory:
(2.) The petitioners were the Directors of a Company by name Kohinoor Steel Private Limited. The petitioners were also the partners in a firm called "Varsha Metals". M/s. Kohinoor Steel Private Limited availed financial assistance from Union Bank of India, Bangalore. Since the unit failed to clear the loan outstanding, the Bank initiated proceedings under the SARFAESI Act. Notice under Section 13(2) of the SARFAESI Act was issued on 23.12.2008 followed by a possession notice issued on 28.2.2009. The Bank thereafter issued a sale notice on 18.1.2010 proposing to sell the secured assets on 20.2.2010.
(3.) The sale notice dated 18.1.2010 was challenged by the petitioners before the Debts Recovery Tribunal (hereinafter referred to as "Tribunal"), Bangalore in S.A. No. 131 of 2010. The appeal was dismissed on 13.5.2010