ORDER

M.S. Ramachandra Rao, J. - The Background facts

2. The petitioner is the proprietor of a proprietary concern by name, M/s New Bajaj Electronics, dealing in the business of electronic goods.

3. His brother was the proprietor of another proprietary concern by name, M/s Bajaj T.V. Centre.

4. These two concerns availed loan from the respondents-DCB Bank against property to the tune of Rs. 67 lakh in 2013. The loan against property was later enhanced to Rs.95 lakh in September, 2015, repayable over a period of 15 years in equal monthly installments of Rs. 1.14 lakhs each. The petitioner, in his personal capacity, also stood a guarantor to the credit facility availed by the firms by mortgaging his property in favour of the respondents-DCB Bank.

5. When the EMIs of the loans were not paid, the respondents declared the loan accounts as NPA on 01.12.2018 and issued notice dt. 06.12.2018 (PI) under Section 13(2) of the Securitization & Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 [for short 'the SARFAESI Act'].

The First OTS dt.22.08.2019

6. Petitioner and his brother submitted an OTS proposal along with a demand draft of Rs. 10 lakh on 22.08.2019 (P2) to t