J U D G M E N T

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The petitioner is the sole proprietor of a Hardware business and Managing Partner of M/s. Rajans Home Accessories. The petitioner states that during the year 2018, the South Indian Bank sanctioned a sum of ₹400 lakhs as CCOL facility to the petitioner. The 2018 and 2019 floods and 2020 Covid-19 pandemic adversely affected the business of the petitioner and consequently the petitioner defaulted in repayment.

2. The respondents thereupon declared the loan account as NPA and issued Ext.P1 demand notice dated 08.07.2021 invoking the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. On 04.03.2022, Section 13(4) was invoked and the symbolic possession of the properties was taken by the Bank on 05.10.2022. The petitioner approached this Court filing W.P.(C) No.30596/2021. The respondents approached the Chief Judicial Magistrate's Court under Section 14. The Chief Judicial Magistrate appointed an Advocate Commissioner who issued Ext.P2 notice dated 14.12.2022 to the petitioner.

3. The petitioner states that by selling properties, he has repaid ₹400 lakhs as against the demand of ₹4,27,02,5