Hon'ble Judges/Coram:
Navin Chawla

JUDGMENT

Navin Chawla, J.

1. This petition under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the 'Act') has been filed by the petitioners praying for the following reliefs:-

"a) restrain the respondent from in any way taking any action in furtherance of legal notice dated 28.06.2017 and Possession Notice dated Nil of September, 2017 and/or any coercive action against the Petitioners in furtherance to legal notice dated 28.06.2017 and Possession Notice dated Nil of September, 2017 and/or also restrain the respondent from recovering the alleged amount of Rs. 6,47,64,476/- or any amount from the Petitioners till the disposal of OMP No. 804/2011 between the parties."

2. The facts giving rise to the present petition can be summarized as follows:-

(a) The petitioners had availed loan from the respondent for a sum of Rs. 3.35 crores. As a security for this loan, the petitioners created an equitable mortgage in their commercial property at Plot No. 11, Community Centre, Zamroodpur, New Delhi-110048 (hereinafter referred to as the 'property'). Certain disputes and differences arose between the parties and the same were referred to the arbitration resulting in an arbitration award dated 29th June, 2011. The same has been challenged by the petitioners before this Court in OMP No. 804/2011 and the petition has been admitted for hearing vide order dated 17th May, 2012. It is listed for hearing on 21st March, 2018. In terms of Section 36 of the Act, therefore, the arbitral award is not enforceable at this present stage.

(b) During the pendency of the above objection petition, the respondent has issued a notice dated 28th June, 2017 under Section 13(2) of The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as SARFAESI Act) against the property. In the said notice, the respondent claims the amount outstanding as Rs. 6,47,64,476/-. The respondent has also issued a possession notice dated September, 2017 claiming possession of the said property.

3. Learned senior counsel for the petitioners submits that the impugned notices under section 13(2) and 13(4) of the SARFAESI Act are liable to be stayed by this Court inasmuch as, the liability under the loan agreement has been adjudicated in form of an arbitral award, which is pending challenge before this Court in the above mentioned OMP. Till the above objection petition is decided by this Court, no further action for recovery of the alleged loan amount can be taken by the respondent. It is further submitted that, in any case, the arbitral award grants only a sum of Rs. 2,83,51,875/- along with interest @9% per annum w.e.f. 21st June, 2011 whereas the notice under Section 13(2) of the SARFAESI Act has been issued by the respondent claiming an amount of Rs. 6,47,64,476/- as outstanding loan amount. Referring to Section 2(1) (ha) of the SARFAESI Act, learned senior counsel for the petitioners submits that 'debt' has been assigned the same meaning as in Section 2(g) of The Recovery of Debts Due to Banks and Financial Institutions Bankruptcy Act, 1993 (hereinafter referred to as the 'Debt Recovery Act'). He submits that under Section........