JUDGMENT :

M.S. RAMACHANDRA RAO, J.

1. In this writ petition the petitioners have challenged orders dated 10.5.2021 and dated 17.07.2021 passed by the Debt Recovery Appellate Tribunal-I, Chandigarh-respondent No. 3 [for short ‘the Appellate Tribunal’].

Background Facts

2. Petitioner No. 1 is a Company registered under the Companies Act, 1956. Petitioner No. 2 is a partnership firm.

3. Petitioner No. 1 had availed three cash credit limits, an over draft and a term loan totalling Rs.13.40 crore from the Punjab National Bank (respondent No. 1) [for short ‘the Bank].

4. Likewise petitioner No. 2 had also availed credit facilities of Rs.1.10 crore.

5. These loan accounts were declared as Non-Performing Assets on 28.02.2018 by respondent No. 1 (Bank).

6. Notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [for short ‘the Act’] was issued on 22.03.2018 demanding a sum of Rs.12,17,78,873.20 in the loan account of petitioner No. 1 and Rs.1,10,66,996.67 in the loan account of petitioner No. 2.

7. There was settlement between the Bank and petitioner No. 1 on 06.06.2018 to keep the proceedings under the Act on hold subje