The respondent-secured creditor has filed a counter-affidavit dated 12 10-2009. In the counter, it is specifically asserted that the petitioner availed a loan of Rs.2.50 lakhs and created a mortgage of the schedule property. They defaulted in payment of the instalments and the accoun was classified as a “non-performing asset” (NPA) as per RBI guidelines Consequently, a notice under Section 13(2) of the Securitisation an Reconstruction of Financial Assets & Enforcement of Security Interest Act,2002 for short “ the 2002 Act”) dated 15-12-2007 was issued demanding paymen of Rs.2,91,576/- ( the dues as on 30-11-2007) within sixty (60) days from the date of receipt of a copy of the notice, failing which it was informed tha the bank would proceed further under Section 13(4) of the 2002 Act. It i specifically pleaded that the petitioners received the notice an acknowledged the same but have failed to repay the amount due an demanded by the bank. Consequently, the bank issued a possessio notice dated 03.03.2008 served on both the petitioners and had take constructive possession of the property. Thereafter, on 18-03-2008 th bank issued a notice under Rule 8(6) of the Rules offering 30 days time t the petitioners for redemption of the mortgaged property as per law. As th petitioners defaulted on this opportunity as well, by the impugned notic dated 30-05-2009, the secured creditor called for tenders from intendin bidders for purchase of the property and scheduled opening of the seale tenders to 08-07-2009. On coming to learn of the tender notification, th petitioners addressed a letter dated 26-09-2009 seeking ten (10) days tim for repayment of the amount due to the bank failing which the propert would be handed over to the bank. Despite the letter, the petitioners faile
