1. The petitioner, by the instant petition, questions the legality and validity of the order dated 26.02.2014 passed by the learned Chief Metropolitan Magistrate, Egmore, Chennai - 8 in Crl.M.P. Mo. 840 of 2014, whereby and whereunder, the learned Chief Metropolitan Magistrate has directed to take possession of the property schedule mentioned in the order and further, seeks a direction to the respondents 1 and 2 to finalise the settlement proposal submitted by the petitioner on 21.01.2013 through their Settlement Advisory Committee by applying the Special OTS Scheme Guidelines of the Reserve Bank of India applicable to Micro Entrepreneurs.

2. The indisputable facts, in nutshell, are that the first petitioner availed cash credit hypothecation limit of Rs.50 lakhs, working capital term loan of Rs.1 crore and Ad hoc limit of Rs. 13.85 lakhs, thus, a total sum of Rs. 1,63,85,000/-, by executing a loan agreement on 15.12.2013. The second petitioner submitted his personal guarantee for the outstanding of Rs. 1,63,85,000/- and also created equitable mortgage of his property as security for the dues of the first petitioner. In default of payment, a demand notice under S.13(2) of the Secur