ELIPE DHARMA RAO, J.

1. One M/s. Merit Resorts Private Limited, having their office at No.547, Anna Salai, Chennai-600018 (hereinafter referred to as the borrower company) had borrowed a sum of Rs.13 crores as loan from the first respondent Bank and created an equitable mortgage over the property at Door No.4/278, Ooty-Kotagiri Main Road, Doddabetta Junction, Nilgiris as a security for the above said loan. Since the said company has committed default in payments, the first respondent Bank had issued a notice dated 310. 2005, demanding payment of the sum of Rs.10,77,02,656/- together with interest at the rate of 10% p.a. from 9. 2005 and as the borrower company did not comply with the above demand, the first respondent Bank initiated the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (Act 54 of 2002) (SARFAESI Act in short) and issued a statutory notice under Section 13(2) of the SARFAESI Act to the said company on 1. 2006, calling upon the said borrower company to repay the sum of Rs.10,77,02,656/- (Rupees Ten Crores Seventy Seven Lakhs Two Thousand Six Hundred and Fifty six only) and also published