M.R. Pathak, J.

The petitioner No. 1 Sree Kamakhya Tea Company Private Limited being involved in the business of tea cultivation applied for working capital credit facilities from the respondent No. 2 Bank, i.e. Punjab National Bank comprising of Term Loan Cash Credit for their tea gardens, namely, Manohari Tea Estate at Dibrugarh District and Craigpark Bagicha, Gobindakupa & Kalainchera at Cachar District of Assam.

2. To avail such loan of working capital & cash credit facilities, the petitioner tea company created security interest by mortgaging their following properties :

(i) All that piece and parcel of land measuring an area 2704 Bighas 0 Cottahs 16 Chittaks lying and situated at Titadimore, Sarugatheri and Marabari Manwar Gaon in the State of Assam, along with building/super structure/factory shed i.e. Manohari Tea Estate, Titadimore, Dibrugarh, Assam;

(ii) All that piece and parcel of land measuring an area 5509 Bighas 10 Cottahs 9 Chittaks lying and situated at Craigpark Bagicha, Gobindachupa and Kalaincherra, District - Cachar in the State of Assam along with building/super structure/factory shed,

(iii) (a) All that hypothecated plants & machineries lying at Monabari Tea Estate, Titadimore, Dibrugarh, Assam,

(b) All that hypothecated plants & machineries lying at Craigpark Tea Estate, Silchar, Cachar, Assam and

(iv) (a) All current assets including stocks lying at Monabari Tea Estate, Titadimore, Dibrugarh, Assam,

(b) All current assets including stocks lying at Craigpark Tea Estate, Silchar, Cachar, Assam.

3. Accordingly, the respondent No. 2 Bank, through its Brabourne Road Branch, Kolkata, sanctioned an amount of Rs. 7,45,50,000/- to the petitioner tea company. However, due to failure on the part of the petitioner tea company in making payment of necessary instalments and thereby to repay the loan availed by it, the respondent No. 2 Bank on 30.09.2007 declared the account of the petitioner tea company as non-performing assets. As required, the respondent No. 3, the Authorised Officer of the respondent No. 2 Bank on 05.09.2012 issued notice under the provisions of Sub-Section (2) of Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, in short) to the petitioners, including petitioner No. 2 & 3, being the Guarantor of the petitioner No. 1 tea company, for the concerned loan and demanded Rs. 8,29,83,916.55 only, with further interest as due to the Bank as on 31.12.2012. By the said notice dated 05.09.2012 the petitioners were further directed to pay them the entire debt of Rs. 8,29,83,916.55 with interest on the contracted rate w.e.f. 01.01.2010 until payment is made in full within 60 days from the date of said notice, intimating them that in default in making payment the respondent Bank shall impose any or all of the powers under section 13(1) of the SARFAESI Act.

4. The petitioner company on receipt of the said notice from the respondent Bank, by its letter dated 25.09.2012 submitted an offer for a onetime settlement with the respondent Bank. As the petitioner did not deposit the due amount, in spite of their notice, the respondent Bank on 17.12.2012 issued a notice under Section 13(2) of the SARFAESI Act to the petitioners informing them that it decided to take possession of their secured assets and directed them to deliver possession of the same before 01.01.2013, failing which it would take possession of the said secured assets on or after 01.01.2013. Against the same, the petitioners on 26.12.2012 submitted its representation under section 13(3A) of the SARFAESI Act, to which, the respondent Bank by its letter dated 10.01.2013 replied that the offer of a onetime settlement made by the petitioners is very much on the law said as compared to the total outstanding dues clarifying its stand to take possession of the secured assets of the petitioners.

5. Later, the Authorised Officer of the respondent Bank on 23.02.2013 took over pos