This is a revision petition filed by the petitioner in S.A. No.25 of 2006 on the file of the Debts Recovery Tribunal, Visakhapatnam, challenging the order dated 13-09-2007 passed by the said Tribunal.

2. The petitioner made an Application before the Debts Recovery Tribunal to set aside the possession notices, dated 10-03-2006, 25-03-2006 and 26-04-2006 issued by the respondent-bank, to declare that the said notices are illegal and contrary to law and to direct the respondents to pay compensation for illegally taking possession of the properties. The applicant is a private limited company having its administrative office at Visakhapatnam. It is engaged in the process of procuring and exporting seafood for various countries.

3. The company was sanctioned Rs.275 lakhs under PC/PCFC running account facility and Rs.150 lakhs under FDBP/FUBD/RVBA. The seafood industry suffered set back. Therefore, the industry faced serious problems. The company paid substantial repayments and kept the advance accounts as performing assets. The applicant also approached the bank several times for One Time Settlement in accordance with R.B.I. directives on O.T.S. The respondent bank issued a notice