It was further stated that at the time of disbursing the loan amount, the respondent had deducted a substantial amount on account of various charges, despite that the applicant was maintaining the account regularly and paid the installments on time; that seeing the bonafide conduct of the applicant Firm and further assured of its financial viability, the respondent increased the limit to Rs. 34 Lacs in the year 2017; that there had been no default on the part of the applicant, rather the respondent was satisfied with the performance of the accounts; that in the month of March 2020 there was global outbreak of Covid-19, Pandemic, the economy got severely affected; that The Central Government announced a national lockdown vide order dated 24.03.2020 and upon announcement of lockdown, the Reserve Bank of India issued a Notification dated 27.03.2020 and permitted all Term Loans to grant a moratorium of 06 months till 31st August, 2020; that to rehabilitate the borrower, the RBI enacted various policies for the restructuring & rescheduling of the eligible loan accounts but no benefit was granted to the applicant and applicant continued to maintain the account in the same manner; that due to the unprecedented situation created on account of Covid-19 Pandemic the finances of the applicant was severely affected and thus, couldn’t pay some of the installments; that due to default on account of the applicant in depositing some of the installments, the respondent bank initiated the recovery proceedings against the applicant; that applicant was very much shocked when it received the possession notice under the Act dated 23.11.2022; that demand notice under Section 13(2) of the Act was not served taking away the statutory right to reply the same by way of objections; that in the possession notice, total outstanding amount was mentioned as Rs.43,40,385.47p; that respondent bank again issued notice under Section 13(4) of the Act dated 15.03.2023 instructed the applicant to deposit the entire outstanding amount of Rs.43,40,385.47p within 30 days or otherwise the property would be sold under the auction for the recovery of the dues whereas the property mentioned at serial No.3 of the notice was not
