action in abeyance. In the meanwhile, Syndicate Bank was merged with Canara Bank and respondent bank had sanctioned restructuring on 31.05.2021, which was accepted by applicant and necessary documents in favour of respondent bank was also executed. Despite restructuring of account, as applicant failed to comply with terms and conditions, respondent bank had issued fresh Demand Notice on 08.08.2022, which was duly served to all borrowers and guarantor and was also personally handed over to Mr. Sidharth Baid. On 27.09.2022, applicant had sent a proposal for one time settlement of Rs.13.5 crores payable by the end of March, 2023. As the same was not acceptable to respondent bank, applicant was advised to improve the offer. Accordingly, on 19.10.2022, applicant had sent another proposal for Rs.16.50 crores payable by end of June, 2023. As the offer of applicant was once again too low, when compared to the huge outstanding, respondent bank had addressed a letter dated 06.12.2022 communicating the same to applicant. As applicant did not come forward with any further proposal, respondent bank proceeded further and issued Possession Notice dated 09.12.2022, which was duly served, as evidenced from postal track reports, affixed in the conspicuous place of the secured asset, as evidenced from photographs of affixture and published the same in ‘Indian Express’ and ‘Dinamani” dated 14.12.2022 as evidenced from copy of newspaper publications filed along with typed set of documents.
