appellant as the sole proprietor and the 3rd appellant is the wife of the 2nd appellant and also the guarantor of the loan facilities granted to the proprietorship. A mortgage of the property belonging to the 2nd appellant was also given as security for the loan. Soon after the loan was sanctioned in the year 2020, the COVID-19 pandemic struck, and as a result, there was default in repayment of the debt, and the account was classified as NPA on 06.06.2021 followed by a demand notice u/s 13(2) under the SARFAESI Act issued to the appellants demanding the amount of ₹80,31,064.94 together with the interest. The appellants objected to the demand notice on 16.03.2023 to which there was a rejoinder given by the respondent on 14.04.2023. Thereafter, the respondent moved the District Magistrate, Nasik for orders to take the physical possession of the subject property u/s 14 of the SARFAESI Act and the orders were passed on 10.07.2023. The Tehsildar issued a notice intending to take the physical possession of the property on 10.09.2024. The said notice was allegedly served upon the appellants only on 21.06.2024. After receiving the notice regarding the proceedings initiated by the respondent, the appellants filed the S.A. on 01.08.2024 and sought interim protection from being dispossessed from the property stating that it is a girls hostel and the girls need to be protected and therefore vacating the hostel for the purpose of sale of the property would adversely affect the entire business of the appellants and students who were residing there would come to the streets.
