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10. On 26.11.2015, the IDBI Bank, Coimbatore, the third respondent herein, issued a demand notice, under Section 13(2) of the SARFEASI Act, unilaterally seeking to enforce the security interest and calling upon the petitioners to pay a sum of Rs.19.41 Crores (approx.), within a period of 60 days from the date of said notice. Responding to the same, the petitioner company sent a reply, dated 23.01.2016, to the IDBI Bank, Coimbatore, the third respondent herein, in exercise of its right under Section 13(3A) of the SARFEASI Act, 2002, stating that the company has made reference to BIFR and not in a position to discharge the debts for the time being. In the reply, it was also stated that the action of the bank in proceeding unilaterally under the SARFEASI Act, 2002, as illegal, since the secured assets are charged by the respondents-banks on 'paripassu' basis, under the consortium arrangement.

(vi) Machineries embedded in the petitioner's company land / building (not included) (i.e. in Property-1) valued at Rs.29.96 Crores by the Banks themselves as revealed in Inter-Se PariPassu Agreement dated 24.01.2012 has been left out of said paper publication, dated 02.10.2016. At 15% depreciation, the present value would come around at Rs.13.38 Crores.

(vii) Property-2 described in the said paper publication dated 02.10.2016 has been valued at Rs.1.35 Crores whereas the present market value would be approximately Rs.2.5 Crores (three floors - 7310 sq. ft. situated at Udumalpet Town).