5 . Having heard the parties and after going through the entire documents available on the records, this Tribunal find that there is no dispute between the parties with regard to the availment of loan facilities by creating equitable mortgage on his property. In this case, the Applicant has availed some credit facilities for a total sum of Rs. 26,30,000/- (Rupees Twenty Six Lakhs Thirty Thousand only). Initially, he was regular in repayment loan dues till the intervention of Covid-19 Pandemic. Due to lock down declared by the Government, he could not run his business and suffered with huge loss and hence, there was some default in repayment. Therefore, the 1st Defendant Bank has classified his loan account as NPA on 02.05.2021. And, then the Bank has issued Demand Notice dated 03.02.2022 u/s. 13(2) of SARFAESI Act for a sum of Rs. 15,33,829/(Rupees Fifteen Lakhs Thirty Three Thousand Eight Hundred and Twenty Nine only). Thereafter, a Possession Notice dated 22.08.2022 u/s. 13(4) of SARFAESI Act was also issued by the 1st Defendant Bank. And, then the Bank has obtained an Order dated 17.05.2023 in Crl.M.P.No. 4835/2023 from the 2nd Defendant for taking Physical Possession of the property. Challenging the same, the Applicant has filed this SA No. 194 of 2023.
