JUDGMENT :

ARAVIND KUMAR, J.

1. The short point that arises for consideration in this appeal is:

“What constitutes 50% of the amount as prescribed under second proviso to sub-section (1) of Section 18 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short “SARFAESI Act”)?”

2. Petitioners were sanctioned certain credit facilities by the respondent-Bank of Baroda (hereinafter referred to as “Secured Creditor”) on 31.09.2019. Said loan account having been classified on 08.03.2020 as a ‘Non Performing Asset’ - NPA resulted in a notice under Section 13(2) of SARFAESI Act being issued to petitioners by the secured creditor on 10.07.2020 (Annexure-P) calling upon appellants to pay Rs. 6,20,41,349/-. The said notice is said to have been replied by the debtor.

3. The secured creditor initiated proceedings for taking symbolic possession of the secured asset and also filed an application under Section 14 of the SARFAESI Act before the jurisdictional Magistrate. The secured creditor has filed an application under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 (for short “RDB Act”) in O.A. No. 463 of 2020 on 30.07.2020 for