Respondent Bank and defaulted on the repayment. The account was classified as a non-performing asset (NPA) on 20.10.2019 and in consequence, a demand notice was issued on 02.11.2019 under section 13(2) of the SARFAESI Act demanding a sum of ₹1,18,52,617.37. The Appellants raised objections to the notice on 13.10.2020 which was responded to by the Bank. Thereafter, steps were taken under section 14 of the SARFAESI Act to take physical possession of the secured assets. The Chief Metropolitan Magistrate (CMM) passed an Order and on 28.02.2022, and thereafter, the property bearing sub-plot Nos. 38/A, 38/B and 38/C known as Madhav Baugh in RS No. 339/1, CS office, Kutch were put up for auction and sold for ₹42,53,000/- to one Mr. Shaktisinh B. Jadeja and sale certificate was issued on 20.12.2022. The physical possession has already been handed over to the auction purchaser. Thereafter, the property bearing commercial plot No. 8, Anjar Municipality CS No. 3360/1/8, Kutch was also put up for sale on 14.09.2022 and sold to Mrs. Pujaben Kuldip Gamot and Mrs. Jayashreeben, Bipinbhai Gamot and sale certificate was issued on 17.01.2022. The physical possession is yet to be handed over since the movable articles belonging to the Appellants were not removed.
