however, applicants failed to clear the outstanding amount, therefore, respondent No.1 issued notices under Section 13(2) of the Act dated 04.01.2018 to applicants and the said notices were sent through registered post on 05.01.2018 for a sum of Rs.1,17,39,939.67p and Rs.2,37,28,352.66p outstanding as on 30.09.2017 within a period of 60 days; that in spite of receipt of notice under Section 13(2) of the Act the applicants failed to pay the outstanding amount due towards respondent No.1, therefore, respondent No.1 issued notices under Section 13(4) of the Act dated 15.03.2018 to applicants and the said notices were sent through registered post on 21.03.2018; that the said notices were published in two newspapers i.e., Desh Sewak and Indian Express on 21.03.2018 and the said notices were also pasted at the mortgaged properties on 15.03.2018; that the applicant Nos. 1 & 2 have sold out the hypothecated stock mortgaged with the respondent No.1 without routing the sale proceeds in the bank account maintained with respondent No.1; that it is evident that the applicants have realized the amount and did not route/deposit the said amounts maintained with the answering respondent after 30.06.2017; that thereafter, respondent No.1 moved an application under Section 14 of the Act before District Magistrate, Ludhiana and District Magistrate passed an order dated 25.10.2018 for taking the physical possession of the mortgaged properties in due course of law; that applicants had filed SA No. 28/2020 challenging the auction process taken by the respondent No.1 in pursuance to the sale notice; that in the above said SA the Hon’ble Tribunal has passed the order dated 02.11.2020 that there was no written agreement for extension of time period for deposit of 75% auction amount and auction purchaser had failed to deposit the remaining 75% amount, therefore the Hon’ble DRT has directed the respondent No.1 to take the possession of mortgaged property back to it and return the money back paid by the auction purchaser qua the sale consideration; that thereafter, aggrieved by the order passed in SA No. 28/2020 by this Tribunal the respondent No.1 had challenged the order dated 02.11.2020 before the Debts Recovery Appellate Tribunal, Delhi and the Hon’ble Debts Recovery Appellate Tribunal upheld the order dated 20.11.2020; that earlier the respondent No.1 has put the mortgaged property on e-auction for several times vide auction notices dated 18.02.2019, 08.07.2020, 15.06.2023 for the reserve price of Rs. 2.80 Crores, Rs.5.33 Crores, Rs.
