(6) It was stated in the reply that in the present SA, applicant have raised false, misleading and highly concocted contentions to abuse the process of law and violating the principles of natural justice; that in the month of December, 2021 applicant No.1 through its proprietor Prashant Mandal approached the respondent No.1 for availing financial facilities; that respondent No.1 sanctioned financial facilities in the nature of Line of Credit for and amount of Rs.2,16,00,000/- and Term Loan for an amount of Rs.1,40,00,000/- and Rs. 1,20,00,000/- aggregating to an amount of Rs. 4,76,00,000/- vide sanction letter dated 31.12.2021; that to secure the above said credit facilities, applicant created security interest in favour of the respondent No.1 by way of executing memorandum of deposit of Title Deeds of the immovable properties; that applicant have defaulted in repaying the outstanding amount in respect of the financial facilities granted to them, therefore the loan accounts of applicant were classified as NPA on 13.06.2023 in accordance with the guidelines of Reserve Bank of India; that thereafter, respondent No.1 issued notice under Section 13(2) of the Act dated 11.07.2023 to applicant for a sum of Rs.4,88,44,344/- due as on 19.06.2023; that applicant No.1 vide their undated objection letter made a representation/objections before the Authorised Officer of the respondent No.1, which was received by the respondent No.1 on 04.09.2023 against the demand notice dated 11.07.2023; that respondent No.1 has duly adjudicated/considered the objections made by applicant under Section 13(3-A) of the Act vide reply dated 08.09.2023; that thereafter, respondent No.1 issued possession notice under Section 13(4) of the Act dated 05.10.2023; that however, the Authorised Officer was not able to take the physical possession as the Borrower, Mortgagors and the Guarantors and their
