R.K. GUPTA, J. (CHAIRPERSON)

1. This is an Appeal preferred by the appellant-borrowers under Section 18 of the SARFAESI Act, 2002. At the time when the appeal was preferred, the appellants challenged the order dated 27th February, 2012 passed by the Debts Recovery Tribunal in S.A. No. 199/2011. By the said order, the application for stay was rejected by the DRT. The facts leading to the present appeal are that the appellant company incorporated under the provisions of the Companies Act, 1956 is engaged in trading and export. The main turnover of the appellant company is from export of molasses. The other appellants are the guarantors and owners of the property in question. The Bank vide its sanction letter dated 19th January, 2006 advanced certain credit facilities in favour of the appellants and the relevant security documents were signed and executed by the appellants and equitable mortgage was also created in favour of the Bank. Subsequently, on 19th September, 2007 certain more facilities were also granted to appellants. Thereafter, the Bank has structured the terms for Formal and Derivative contracts of Rs. 16.00 crores and also a credit exposure limit of Rs. 4.40 cro