LUCKY FOOTWEAR COMPONENTS Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) Heard.

(2.) This petition under Article 227 of the Constitution of India has been filed against the order dtd. 26/9/2025 passed by the Debt Recovery Appellate Tribunal, by which the Appellate Tribunal confirmed the order of dismissal of SA filed by the petitioners/borrowers.

(3.) Default on the part of the petitioners/borrowers to repay the loan resulted in initiation of proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'SARFAESI Act') against the petitioners. Notice under Sec. 13(2) of the SARFAESI Act was issued followed by measures taken under Sec. 13(4), which led to the symbolic possession taken and also sale of the secured asset through auction by the bank.