JUDGMENT

Jaswant Singh, J. - The petitioner Company is engaged in the business of Textile Industry. It had availed a Term Loan on 05.10.2013 from the Union Bank of India. The loan account, due to financial indiscipline, was declared as Non-Performing Asset (NPA) on 31.01.2016. A Demand Notice dated 05.02.2016 under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short "the Act, 2002") was issued and symbolic possession of the secured asset assumed under Section 13 (4) of the Act, 2002, on 11.04.2016.

2. The respondent CFM-Asset Reconstruction Company (in short "CFM-ARC") is an assignee of the Bank in view of the Assignment Agreement dated 24.04.2018 (Annexure P-1). The respondent - CFM-ARC arrived at a settlement with the petitioner on 18.09.2018 (Annexure P-2), whereby a total sum of ' 21,92,38,630/- is liable to be paid by the petitioner in various installments till 31.03.2023.

[2.1] Since, the petitioner could not pay its due installments in terms of the settlement dated 18.09.2018 (P-2) falling due w.e.f. 16.05.2020, the respondent CFM-ARC (Secured Creditor) proceeded to dispose off one of the mortgage