JUDGMENT :

SOUMITRA SAIKIA, J.

This petition is filed by the petitioner seeking a direction from this Court to the respondent Bank to initiate action as per the RBI Circular dated 05.05.2022 and the Pre-Packaged Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 instead of proceeding under the SARFAESI Act. The writ petitioner is a proprietorship firm which is a registered Class-I(A) contractor of (R&B) PWD Department, Government of Arunachal Pradesh. The petitioner is represented by its proprietor Shri Tarik Talom. The petitioner firm has its corporate office at Itanagar in Arunachal Pradesh and is also registered under Goods & Service Tax Act, Act vide registration No. 12ACQPT0456M2Z5. The petitioner firm is also registered under MSME Act bearing Udyog Adhar No. AR10B0000504. According to the petitioner, he has executed successfully various works under various departments including NF Railway, GM Office. The petitioner applied for a loan from the Bank of India, Khanapara Branch. The respondent No. 4/Bank of India after due consideration of the application by the petitioner, granted loan on various credit facilities vide reference No. KHA/ADV/2016-17/SME/45 dated 04.01.2017 aggregating to an amount of Rs. 7,88,02,679.82 (Rupees seven crore eighty eight lakh two thousand seventy nine and eighty two paisa) towards the petitioner. Due to COVID-19 pandemic situation and nationwide lockdown which was enforced by the Government of India, the business of the petitioner firm suffered severe losses and the petitioner consequently defaulted in the repayment schedule for the loans advanced by the respondent No. 4/Bank of India. According to the petitioner, the total amount of loans sanctioned under the various facilities which was advanced to the petitioner by the respondent Bank and the corresponding dues required to be paid by the petitioner came to a total of Rs. 7,01,59,977.19 (Rupees Seven Crore One Lakh Fifty Nine Thousand Nine Hundred Seventy Seven and Nineteen Paisa only). The break up as furnished by the petitioner in its pleading are extracted as under:

2. It is submitted by the petitioner that the Bank authorities unilaterally reduced the cash credit limit sanctioned to the petitioner from Rs. 5.50 Cr to Rs. 4.00 Cr. The petitioner, therefore, represented before the Bank Authority requesting them not to reduce the cash credit limit. The Bank, however, issued notice under Section 13(2) of the SARFAESI Act to the petitioner to discharge full liabilities to the respondent Bank for a total sum of Rs. 7,01,59,977.17 with further interest @ 12.35% per annum compounded with monthly rates with effect from 15.04.2021. The petitioner, thereafter, submitted an application dated 18.07.2021 praying for payment of overdue amount of Rs. 241.79 lakhs partially by way of release-cum-adjustment of excess TDR available with the Bank authority as collateral Security and Balance from the proprietors own sources. The petitioner submits that the bank did not respond to the representation made by the petitioner and consequently the petitioner’s account was classified as NPA. The effect of the petitioner’s account being classified as NPA is that he was unable to conduct his day-to-day business and is facing extreme difficulties. The further case of the petitioner is that the RBI vide its circular No. DOR.STR.REC.12/21.04.048/2021-22 dated 05.05.2021 has specifically issued a resolution framework No. 2 for giving relief to COVID-19 related stress for Micro Small and Medium Enterprises. As per this guideline, the petitioner is eligible under the