In W.P.(C) No. 42050 of 2024, the petitioners, comprising a private
limited company and its Managing Director, had availed multiple credit
facilities from the respondent Bank, including working capital and term
loans aggregating over Rs. 10 crores, secured by mortgage of immovable
properties. Upon default, the loan account was classified as a Non-
Performing Asset (NPA) with effect from 20.10.2020. Recovery proceedings
were initiated under the SARFAESI Act, including issuance of notice under
Section 13(2), followed by filing of an application before the Debts
Recovery Tribunal for recovery of the outstanding dues. Though the
petitioners were sanctioned a one-time settlement (OTS), they repeatedly
defaulted in making the committed payments, leading to the withdrawal
2025:KER:55399
W.P(C) Nos.42050/24, 4389/25
of settlement terms and continuation of enforcement proceedings.