"borrower has offered to sell the same & deposit the proceeds to the loan accounts. "
Lets be practical
You are ready to get a better deal for the property and not against sale of the property... then when the Bank puts the prop on auction why could you not bring the same your buyers to participate in the auction ??
This is an old trick....
Mind you DRT can interfere, only, if there was violation of the procedures laid down under the SARFAESI Act and not otherwise (though every DRT interferes even otherwise, that's a diff story) DRT's powers are very limited...
A recent decision of the Apex court would be worth reading United Bank of India Vs Satyawati Tondon (2010) 8 SCC 110 decided on 26/7/2010
Hope this helps.....