Yes, the statutory period has lapsed, but using their discretion, BANES have, as they said in the email: "The case will remain on hold until we are able to provide a response. No further action is required on your part until you have received our reply."
I objected on the grounds that I did not believe my vehicle was first observed at the time stated on the PCN. To date BANES have ignored this objection.
Had BANES met my objection, I would have paid the reduced penalty and that would have been the end of the matter. If BANES do not provide any evidence, which I find unlikely but you never know, either before or at adjudication and the decision goes against me then yes, I do believe I have a strong case for only paying the reduced penalty amount of £25. As it would have only been the fault of BANES in not meeting my clear objection that this case would have ended in adjudication.
Whilst this is a civil matter, not a criminal offence and my knowledge of the law is rusty, I can't believe that as BANES are seeking a financial penalty then some fundamental rights would still apply. Most probably under the UN’s Universal Declaration of Human Rights. As the onus in on BANES to prove the offence occurred. So far, I only have proof (date/time stamped photographs) of the where the vehicle was parked at the time the PCN was issued.