The Applicant is M/s. Arun Polymers, a PP woven bags manufacturing firm, represented by its Proprietor Mr. T. Arun Kumar. The firm had availed various credit facilities from the 1st Respondent Bank, i.e. OD/OCC on 01.09.2018 for a sum of Rs. 7,50,00,000/- (Rupees Seven Crore Fifty Lakhs Only), Term loan on 11.02.2015 for a sum of Rs. 50,00,000/- (Rupees Fifty Lakhs only), Term Loan on 04.02.2016 for a sum of Rs. 2,25,00,000/(Rupees Two Crore Twenty Five Lakhs only) and Term Loan on 29.06.2016 for a sum of Rs. 1,75,00,000/- (Rupees One Crore Seventy Five Lakhs only). The Applicant mortgaged his properties as a collateral security for availing the credit facilities. The Applicant was servicing interest and EMI regularly to the 1st Respondent Bank till the end of 2019. Unfortunately, due to unprecedented loss in the business, the Account of the Applicant with the 1st Respondent Bank got strained. The Applicant made several requests to the 1st Respondent Bank to provide them additional time to take corrective steps to regularize the account. However, the 1st Respondent Bank initiated action against the Applicant and issued Demand Notice dated 04.09.2019 u/s 13(2) of the SARFAESI Act, 2002 to the Applicant and also to the guarantors of the credit facility. Even thereafter also the Applicant made several requests to the 1st Respondent Bank to restructure credit facilities. All the requests of the Applicant went negated by the Bank. Thereafter, the 1st Respondent Bank issued Possession Notice under Section 13(4) of the SARFAESI Act, 2002 to the Applicant on 04.02.2020 taking symbolic possession of the secured assets.