ORDER :

M.S. Ramachandra Rao, J.

1. Heard learned counsel for petitioners, Sri M.V. Kini, learned counsel for 1st respondent, Sri V.Ravinder, learned counsel for 2nd respondent and Sri B.Sanjay Kumar, learned counsel for respondent Nos.3 to 5.

2. The 1st respondent is a partnership firm carrying on business of Web Offset printer since 1991 and 2nd petitioner is it’s Managing Director.

3. The petitioners approached the 1st respondent Bank for OCC credit facility of Rs.10.00 lakhs and Term Loan of Rs.23.00 lakhs for purchase of machinery of Rs.47.00 lakhs, in which petitioners’ contribution was Rs.24.00 lakhs.

4. According to the petitioners, 1st respondent did not release the Term Loan in time making the business situation of the petitioners unviable disabling the petitioners from participating in the tenders invited by the Government for printing text books. The loan account of 1st petitioner therefore became NPA on 31.05.2017.

5. Thereafter the 1st respondent Bank issued demand notice under Section 13(2) of the SARFAESI Act, 2002 (for short ‘the Act’) on 03.06.2017 stating that petitioners have to pay Rs.25,55,410.96 ps towards OCC Loan Account as well as Term Loan Account.

6. Petitioner