ORDER :

Kunuru Lakshman, J.

1. This Writ Petition is filed to declare the auction dated 27.12.2019 in respect of the petitioners' properties by respondent No. 1 bank in collusion with respondent No. 3 under sale notice dated 21.11.2019 as illegal, arbitrary and for consequential direction to respondent No. 1 to consider One Time Settlement (OTS) proposal submitted by the petitioners and not to take any coercive steps against the properties including removing the plant and machinery from the leased premises.

2. Heard Mr. Amancharla V. Gopala Rao, learned counsel for the petitioners, Mr. S. Sainathan, learned counsel for respondent No. 1 - Bank, and Mr. Satish Kumar Varma, learned counsel for respondent No. 2

3. It is the contention of the petitioners that they are the guarantors to the loan obtained by respondent No. 3. The petitioners being absolute owners of the properties have offered the same as collateral security to respondent No. 1 bank for the loan obtained by respondent No. 3. Since respondent No. 3 failed to repay the loan amount, respondent No. 1 bank has initiated the measures under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Inter