Term Loan-II of Rs.16,17,517/- and (v) Working capital of Rs.50,00,000/- (Total of Rs. 6,04,99,696/-) vide sanction letter dated 30.03.2020; that to secure the credit facilities granted by the Bank, applicants had mortgaged the factory, land and building measuring 10316 sq. yds. situated at village Lakhowal, Sub-Tehsil Sahnewal, Tehsil and District Ludhiana, where the applicants are running their unit; that accounts of the applicants have been running regular since the date of its inception, however due to COVID-l9 Pandemic, applicants suffered unforeseen sudden loss of business; that to mitigate the loss and the problems suffered by the business community due to COVID-19 Pandemic, the Government of India as well as the Reserve Bank of India (RBI) initiated various steps for the revival of the industry/business; that Government of India launched the Guaranteed Emergency Credit Line ('GECL') Scheme, whereby the borrowers whose loan accounts were standard as on 29.02.2020 were eligible for additional funding, equivalent to 20% of the outstanding amount; that applicants were eligible under the GECL Scheme and they were granted the additional loan of Rs.1 Crore by the respondent on 22.06.2020; that despite their best efforts and for the reasons beyond their control, applicants could not strictly adhere to the repayment schedule of the respondent and respondent had classified the loan accounts of the applicants as NPA on 28.01.2022 illegally because there was no 90 days continuous default in the loan accounts and initiated action under the provisions of the Act and issued notice under Section 13(2) of the Act dated 10.02.2022 calling upon applicants to deposit an amount of Rs. 6,83,61,098/- within a period of 60 days, failing which the respondent will take further action under the provisions of the Act; that on receipt of the notice under Section 13(2), applicant No.2 met the officers of the respondent and apprised them about the reasons for the stress in the loan accounts and the officers of the Bank informed applicant No.2 that in case a sum of Rs.50 Lacs is deposited in the loan accounts by 31.03.2022, the loan accounts will be upgraded as regular and the action under the Act will be dropped; that as the applicants were interested to resolve the matter amicably, they deposited a sum of Rs.24,27,345/- on 30.03.2022 and a sum of Rs.26 lacs on 31.03.2022; that
