S. Vaidyanathan, J.

1. Challenging the recovery proceedings, dated 20.2.2014 initiated by the second respondent by invoking the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ‘ARFAESI Act'), the petitioner has come forward with the present writ petition.

2. The brief facts, necessary for disposal of the writ petition, are stated hereunder.

2a. The petitioners have availed a term loan on 20.01.2009 from the first respondent bank and for collateral purpose, the petitioners gave the property situated at No.10 Casurina Drive, Neelankarai, Chennai. Since the petitioners had not paid the outstanding amount, i.e. Rs.26,00,49,218.11 despite offering one-time settlement, the respondent bank initiated proceedings under Section 13(2) of the Act. The notice under Section 13(2) of the Act was issued on 18.2.2011. Thereafter, the petitioner made some part payments and requested the bank to restructure the loan. According to the petitioners, the loan was not restructured by the Bank. Again, the respondent bank issued 13(2) notices to the petitioners. Finally, on 20.02.2014, the first respond