ORDER:

[P. Naveen Rao, J.]

1. Heard Sri Raja Sripathi Rao, learned counsel appearing for Sri V.Murali Manohar learned counsel for petitioner and Sri Many Gecil Thomas learned counsel for third respondent bank.

2. Petitioner is a Micro, Small and Medium Enterprise (MSME) unit. It has availed credit facility from Syndicate Bank, which was later merged with Canara Bank and defaulted in repayment. The third respondent bank declared the loan account of petitioner as a non-performing asset (NPA) and has taken recourse to measures prescribed by the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, ‘Act, 2002’) to recover the loan. It has issued demand notices on 3.5.2021, 16.7.2021, 18.10.2021 and 15.2.2022 under Section 13(2) of the Act, 2002. It has issued possession notice on 4.5.2022. On 6.8.2022 third respondent bank issued sale notice proposing to conduct e-auction of the secured assets on 9.9.2022 fixing the reserve price as Rs. 20.04 crores. After issuance of sale notice, there was correspondence to settle the loan account for One Time Settlement (OTS). It appears, after due deliberations, petitioner submitted fresh OT