The challenge in this Original Petition is to the order dated 18.08.2023 in I.A.No.868/2022 in S.A.No.224/2021 passed by the Debts Recovery Tribunal-I, Ernakulam.

Petitioner No.1 is a company doing marine exports. Petitioner No.2 is the Managing Director of petitioner No.1 company. Petitioner No.3, one among the Directors of the Company, is the wife of petitioner No.2. Petitioner No.4 is a company managed by petitioners 2 and 3.

2. The petitioner company availed a cash credit of Rs.500 Lakhs and working capital term loan of 930 Lakhs from the Indian Overseas Bank, Ernakulam Main Branch (respondent No.3). Alleging default in repayment of the .4.. loan, the Bank initiated proceedings against the petitioners under the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the SARFAESI Act’). The Bank issued possession notice dated 27.10.2021 intimating symbolic possession of various properties owned by the petitioners. The Bank also issued prohibitory order dated 30.10.2021 to the registered tenant of the petitioner company in respect of the plant and machinery at Aroor in Alappuzha District leading to the tenant ceased to