D.MURUGESAN, J.

1. The petitioners, viz., Sivakumar Textiles and its sole proprietor, have come up before this Court assailing the order of the Debts Recovery Appellate Tribunal, the first respondent herein, passed in I.A.No.1188 of 2011 in AIR (SA) No.796 of 2011 dated 04.10.2011.

2. The facts in nutshell are as follows:

The petitioners availed agricultural loan on 21.02.2006 from the third respondent-ICICI Bank, to the tune of Rs.2.33 crores and created an equitable mortgage by mortgaging agricultural properties including a piece of land with buildings as security for the said loan. As the petitioners defaulted in repayment of loan, the third respondent-bank proceeded against the petitioners by invoking the provisions of the SARFAESI Act and issued a notice dated 28.10.2009 under Section 13(2) of the Act calling upon them to pay a sum of Rs.2,89,03,317.54 within a period of 60 sixty days from the date of the notice. As the petitioners have not responded to the said notice, possession notice dated 27.10.2009 under Section 13(4) of the Act was issued taking symbolic possession of four properties described therein. One of the properties was brought for auction on 08.12.