Celebrating the Mauludun Nabiyy

The subject of celebrating the Maulud has been a subject of debate among scholars for a very long time and no consensus has been reached till today. Maulud is a term used to describe the date of birth of Prophet Muhammad (SAW), which falls on the 12th day of the month of Rabi'ul Auwal i.e the 3rd Month of the Islamic Calendar. In the Gregorian Calendar, the date varies according to the sighting of the moon.
Maulud is recent to Islam, starting after the death of the Prophet (SAW), his companions, and their companions. There is no evidence anywhere that the Prophet (SAW) celebrated his birthday or commanded that it be celebrated. No one claims that!
Proponents of the celebration argue that the day (and night) is revived with history of the Prophet, Qur'anic recitations, Salawat on the Prophet, and all good things, all of which no one can say are haraam. They also argue that the sunnah fasting of Monday is observed because the Prophet (SAW) was born on Monday citing the following hadith as a proof:
Abu Qatadah reported that the Messenger of Allah (SAW) was asked about fasting on Mondays and he said, "That is the day on which I was born and the day when I was sent - or when revelation descended on me." (Muslim, Al-Nasaa'i, Abu Dawood).