The Apex Court on 01.11.2018, in M/S HINDON FORGE PVT. LTD. & ANR. v THE STATE OF UTTAR PRADESH THROUGH DISTRICT MAGISTRATE GHAZIABAD & ANR. , allowed the appeals emerging from the matters related to a judgment made by the Allahabad High Court upon the question of maintainability of an application under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 at the borrower’s instance , before the physical / actual possession of the assets secured have been taken by the banks or financial institutions for exercising the powers mentioned under the Act that is to be read with rule of the Security Interest (Enforcement) Rules, 2002 .
The legal position as summarized by the Full Bench were tat remedy pertaining to an application shall only be made available after measures under the aforesaid Section are taken by the Bank/Financial Institutions s against borrower and that the persons against whom such measure are taken under the aforesaid sections shall not be denied the grounds upon which the application are rejected, etc.

DECISION HELD BY THE SUPREME COURT OF INDIA:
When the matter was brought before the Hon’Ble Supreme Court of India, the Apex Court allowed the appeals while setting aside the decision of the Full Bench held the decision as full of errors by upholding that borrowers/debtors could approach the Debts Recovery Tribunal under the aforesaid section of the concerned Act during the stage of the possession notice .The appeals were made to be sent back to the Court or Tribunal which would deal with the facts pertaining to each case by applying the concluded judgment as per the with the law.

https://sci.gov.in/supremecourt/2018/7145/7145_2018_Judgement_01-Nov-2018.pdf