ORDER : 1. Mr. Andhyarujina, learned Senior Counsel appearing for the Applicants/Plaintiffs in Interim Application (L) No. 994 of 2022 has tendered additional Affidavit in Support of the Interim Application dated 16th April 2022, which is taken on record. 2. Dr. Saraf, learned Senior Counsel has tendered two Affidavits in Reply both dated 8th April 2022 fled on behalf of the Defendant No. 3, which are taken on record. 3. Mr. Peermohideen, learned Counsel appearing for the Applicants/Plaintiffs in Interim Application (L) 1294 of 2022 has tendered additional Affidavit in Support of the Interim Application dated 11th April 2022, which is also taken on record. 4. By these Interim Applications, the Applicants are seeking an ad-interim order of injunction in terms of prayer clause (a) of the Interim Application restraining the Defendants from in any manner acting in pursuance of the Assignment Agreement dated 28th June 2019 in substance or otherwise in any other form or in any other manner whatsoever. Further relief has also been sought in the Interim Application, but for present, ad-interim relief has sought in terms of prayer clause (a) of the Interim Application. 5. Mr. Andhyarujina has taken this Court through the judgment passed by the Debts Recovery Tribunal (“DRT”) at Pune which judgment is dated 28th February 2022. By this judgment, DRT had expressly held that the debentures were not due for payment and neither there was any immediate cause for accelerating repayment more so when the Respondent has accepted the interest even with delay and as per its own statement, they wanted the account to become standard. It has further been held by the DRT that the securitisation proceedings could have been initiated only if the account is NPA. The DRT has accordingly held that the proceedings initiated by the Respondents are contrary to provisions of Securitisation Act and Securitisation Application deserves to be allowed. Accordingly, action under Section 14 of the Securitisation Act including notice of demand under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short “SARFAESI Act, 2002”) have been quashed and set aside. This judgment of the DRT is subject to an appeal preferred by the Defendants. 6. Mr. Accordingly, action under Section 14 of the Securitisation Act including notice of demand under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short “SARFAESI Act, 2002”) have been quashed and set aside. This judgment of the DRT is subject to an appeal preferred by the Defendants. 6. Mr. Andhyarujina has submitted that in view of the judgment passed by the DRT on 28th February 2022, the Deed of Assignment could never have been executed, considering the fact that it was executed on account of the loan accounts of the Applicants/Plaintiffs being declared as NPA/SMA – 2 accounts. In view of the accounts of Applicants/Plaintiffs having been held to be wrongly declared as NPA by the judgment of the DRT, the Defendants are required to be restrained from in any manner acting upon the Deed of Assignment. Further submissions have been made as to the Assignment Agreement between Defendant No. 1 - assignor and Defendant No. 2 - assignee being unlawful as it is in breach of the RBI guidelines vide Notification dated 19th March 2014 and 6th December 2019 and thus void ab-intio. 7. Mr. Peermohideen, learned Counsel appears for the Applicants/Plaintiffs in Interim Application (L) 1294 of 2022 in which a similar relief has been sought as in the Interim Application (L) No. 994 of 2022, has supported the submissions of Mr. Andhyarujina. A direction has been sought against the Defendants to maintain status quo in respect of the properties described in the schedule at Exhibit A to the Plaint. 8. Mr. Peermohideen has referred to the Affidavit in Support of the Interim Application and in particular Exh.2 to the said Affidavit, wherein the Defendant No. 3 being the debenture-holder and claiming to be Trustee of Defendant No.2 - assignee has issued a notice dated 8th March 2022 to the Applicant/Plaintiff No. 1 for invocation of pledged shares of the Applicant/Plaintiff No. 1 in Interim Application (L) 1294 of 2022. He has submitted that in the notice, it is mentioned that at the request of borrowers, the Defendant No.1 - Assignor had sanctioned the loan against the issuance of debentures by the Applicant/Plaintiff No.1 borrower under the Debenture Trust Deed dated 17th August 2017 and in consideration of the loan and to secure all the outstanding amounts thereunder, the Applicant/Plaintiff No. 1 - pledgor has executed the Agreement of the Pledge of Shares dated 17th August 2017 in favour of Defendant No. 3 confirming the pledge of shares held by them in favour of Defendant No. 3 as security for repayment of the loan. 9. The notice had been issued by Defendant No. 3 acting as Trustees of the assignee i.e. the Defendant No. 2 who had allegedly been assigned the debts of the borrower along with the underline security including pledge of shares vide Assignment Agreement dated 28th June 2019. He has submitted that in view of the judgment of the DRT dated 28th February 2022, the Deed of Assignment itself has been erroneously executed in view of the fact that the DRT had found that the account of Applicant/Plaintiff No. 1 in the Interim Application (L) No. 994 of 2022 to be wrongly declared as NPA and the securitisation proceedings were accordingly, set aside on that basis. He has submitted that the notice of pledge of shares are required to be stayed in view of the said judgment passed by the DRT. 10. Dr. Saraf, learned Senior Counsel for the Defendants in both the Interim Applications has submitted that there is an admission of liability on the part of the Applicant/Plaintiff No. 1 in Interim Application (L) No. 994 of 2022, and has in that context referred to an e-mail dated 30th April 2020, wherein there is an acknowledgement of the existence of debts of the Applicants in the Interim Applications and wherein the other interest (Defaults, pending TDS etc.) has also been included in the total dues which are outstanding. It is stated in the email by the Applicant/Plaintiff No.1 that due to lockdown situation on account of Covid 19, they are not able to provide as on date the outstanding interest amount. However, they shall provide the same at the earliest. 11. Dr. It is stated in the email by the Applicant/Plaintiff No.1 that due to lockdown situation on account of Covid 19, they are not able to provide as on date the outstanding interest amount. However, they shall provide the same at the earliest. 11. Dr. Saraf has further referred to Section 13(11) of the SARFAESI Act, 2002, which entitles the secured creditor to proceed against the guarantors or sell the pledged assets without taking any of the measures specified in clauses (a) to (d) of sub-section (4) of Section 11 in relation to the secured assets under this Act. He has submitted that the judgment of the DRT dated 28th February 2022 cannot come in the way of the Defendant No. 3 who is the Debenture-holder acting under the pledge agreement by invoking the shares pledged and which is de hors the proceedings under the SARFAESI Act, 2002. He has submitted that insofar as the judgment dated 28th February 2022 is concerned, the Defendants have preferred an appeal to the DRAT and which appeal is pending. He has submitted that the Applicants in both the Interim Applications had prior to fling the present Suit and taking out of the Interim Applications, adopted proceedings wherein the same relief had been sought and these proceedings were by way of Writ Petition as well as the Suit before the Delhi High Court which was thereafter, withdrawn. 12. Dr. Saraf has further submitted that the Applicants/Plaintiffs in both the Interim Applications are seeking ad-interim relief restraining the Defendants from acting upon the Deed of Assignment which had been entered into way back on 28th June 2019 and hence, there is delay and laches in maintaining the present ad-interim Application. He has submitted that in view of the admitted amounts due to the Defendants by the Applicants/Plaintiffs, the Defendants are entitled to recover the dues by selling the pledged shares de hors the securitisation proceedings. He has accordingly, submitted that the ad-interim relief cannot be granted in the facts of the present case. 13. He has submitted that in view of the admitted amounts due to the Defendants by the Applicants/Plaintiffs, the Defendants are entitled to recover the dues by selling the pledged shares de hors the securitisation proceedings. He has accordingly, submitted that the ad-interim relief cannot be granted in the facts of the present case. 13. Having considered the submissions, it is necessary to note that there is already a judgment passed by the DRT dated 28th February 2022 by which it is clearly held that the debentures were not due for payment and neither there was any immediate cause for accelerating repayment more so when the Respondent has accepted the interest even with delay and as per their own statement, they wanted the account to become standard. The DRT had not dealt with the issue of assignment of the agreement, in view of the challenge before the Delhi High Court which was thereafter withdrawn. However, the DRT has held that the securitisation proceedings could have been initiated only if the account is NPA. Upon holding that the proceedings initiated by the Respondents are contrary to provisions of the SARFAESI Act, the Application was allowed. Thus, the accounts of the Applicants/Plaintiffs in Interim Application (L) No. 994 of 2022 have been wrongly declared as NPA by the DRT holding that the Respondents/Defendants had accepted the interest even with delay and as per their own statement, they wanted the account to become standard. Accordingly, the Deed of Assignment dated 28th June 2019, prima facie appears to have been executed on the misconceived premise that the loan accounts of Applicants/Plaintiffs were NPA/SMA -2 accounts. Accordingly, they cannot be acted upon. In view thereof, the Defendant Nos. 1 to 3, their servants, agents and officers are required to be restrained by an order and injunction of this Court from in any manner acting in pursuance of the Assignment Agreement dated 28th June 2019 in substance or otherwise in any other form or in any other manner whatsoever. 14. Insofar as the relief sought for by the Applicants/Plaintiffs in Interim Application (L) No. 994 of 2022 is concerned with regard to restraining the Defendant No. 3 from acting in pursuance of the notice dated 8th March 2022 for invocation of shares pledged by the Applicant/Plaintiff No. 1 is concerned, Mr. 14. Insofar as the relief sought for by the Applicants/Plaintiffs in Interim Application (L) No. 994 of 2022 is concerned with regard to restraining the Defendant No. 3 from acting in pursuance of the notice dated 8th March 2022 for invocation of shares pledged by the Applicant/Plaintiff No. 1 is concerned, Mr. Peermohideen, learned Counsel appearing for the Applicants/Plaintiffs in Interim Application (L) 1294 of 2022 submits that at this stage this prayer is not required to be pressed, in view of the ad-interim relief in terms of prayer clause (a) being granted. 15. In view thereof, following ad-interim order is passed:- (i) Till the hearing of the Interim Applications, ad-interim relief is granted in terms of prayer clause (a) in both the Interim Applications i.e. Interim Application (L) No. 994 of 2022 and Interim Application (L) 1294 of 2022. (ii) The Defendants are granted liberty to file further Affidavits in Reply to both the Interim Applications within a period of three weeks from the date of this order. (iii) The Applicants/Plaintiffs in both the Interim Applications are at liberty to file Affidavits in Rejoinder thereto within a period of two weeks thereafter. (iv) It is made clear that this order will not come in the way of the Appeal preferred by the Defendants in the DRAT from the judgment of DRT dated 28th February 2022. (v) The rights and contentions of both the parties are expressly kept open. (vi) Interim Application (L) No. 994 of 2022 and Interim Application (L) 1294 of 2022 shall be placed for hearing on 8th June 2022.