(Per Sri Justice Cheekati Manavendranath Roy)
Heard Sri S.Satyanarayana Moorthy, learned counsel for the petitioner.
2. The petitioner is the City Union Bank, which is a secured creditor. The
4th respondent is the principal borrower. When the Bank has initiated
measures under the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 (for short, ‘the SARFAESI Act’) for
recovery of the loan amount, in view of the default committed by the 4 th
respondent in repayment of the loan amount, the 4th respondent-borrower has
filed Securitization Application in S.A.No.113 of 2024 before the Debt
Recovery Tribunal (DRT), Visakhapatnam for redressal of his grievance. The
2nd respondent herein is a tenant in respect of the secured asset. He has also
filed Securitization Application in S.A.No.158 of 2024 before the DRT,
Visakhapatnam challenging the measures initiated by the Bank under the
SARFAESI Act. Both the said Securitization Applications filed by the 4th
respondent – borrower and the 2nd respondent – tenant are clubbed together
before the Tribunal.