1. Leave granted.

3. The short facts leading to the filing of the appeal are as follows. The first Respondent Company availed certain credit facilities for which the Directors of the Company gave personal guarantees along with an equitable mortgage of immovable property. As the Company defaulted in repayment of the loan, the Bank issued notice under Section 13 (2) of the Act demanding an amount of Rs. 2,34,15,456/- from the Company and its Directors. For non-payment, a notice under (4) of the Act demanding actual physical possession was also issued. It is the case of the Bank that the actual physical possession of the secured asset was obtained by its authorized officers on 30.08.2010.

5. As the Company and its Directors failed to comply with the schedule as determined by the High Court, the Bank proceeded further and issued a sale proclamation which culminated in Respondent No. 7 being declared the successful bidder. A sale certifi