JUDGMENT :

BIREN VAISHNAV, J.

1. This Letters Patent Appeal has been filed by the original petitioners – appellants herein assailing the order of the learned Single Judge dated 04.09.2020. By the order under challenge, the learned Single Judge dismissed the petition, confirming the order passed by the Debt Recovery Tribunal dated 21.02.2020 in Securitization Application No. 257 of 2019.

2. The facts in brief are as under:

2.1 The appellants had obtained an overdraft facility, initially of Rs. 100 lakhs from Bank of Baroda – the respondent no. 1. It was subsequently enhanced to Rs. 350 lakhs. For the said overdraft facility, the appellants had by way of security, mortgaged the cold storage unit and some residential properties by depositing title deeds.

2.2 Having defaulted on payment of interest, the appellants requested for an additional term loan in the nature of Funded Interest Term Loan (FITL) which the bank granted so as to facilitate repayment of default in interest payments of the existing overdraft account. Such term loan was for an amount of Rs. 46.60 lakhs. The bank, on the