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Showing contexts for: PEDDAPALLY in City Union Bank Ltd, vs The Sub Registrar, Peddapalli, ... on 6 August, 2018Matching Fragments
(Per Hon'ble Justice T.Amarnath Goud) Since both the writ petitions raise common question of law, they are being disposed of by this common order.
W.P.No.1084 of 2017:
2. M/s.Sri Maha Lakshmi Mobile Agencies, Karimnagar, the fourth respondent herein, availed a loan of Rs.7 lakhs on 10.07.2014 from the City Union Bank Limited, Karimnagar Branch, the petitioner herein. The Managing Partner of the fourth respondent firm created an equitable mortgage in favour of the secured creditor/Bank by depositing title deeds of his immovable property i.e., open plot admeasuring 90 square yards situated beside H.No.2-1-225, 2-1-226 & 2-1-227, Pragathinagar Sub Road, Peddapalli Village and Nagara Panchayat, Karimnagar District. As the fourth respondent failed to pay the scheduled loan instalments, the secured creditor/Bank invoked the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, the SARFAESI Act) after the loan account was treated as a Non-Performing Asset (NPA) and accordingly, the Bank issued demand notice dated 11.08.2015 and also possession notice dated 22.12.2015 under the provisions of the SARFAESI Act. Later, sale notice dated 13.01.2016 was issued and thereafter the secured asset was auctioned on 25.02.2016. The fifth respondent stood as 4 SK,J & TA,J Wps_1084 & 2585_2017 the highest bidder in the auction by offering sale consideration of Rs.9,51,000/- and thereafter, the Bank issued sale certificate dated 19.08.2016 in favour of the fifth respondent. The petitioner Bank and the fifth respondent both approached the first respondent for registration of the property and also the fifth respondent paid the requisite amount through challan, but the first respondent refused to do so on the ground that the property is subjudice before the Court of the Senior Civil Judge, Karimnagar in I.A.No.290 of 2015 in O.S.No.901 of 2015 and by order dated 26.05.2015, attachment before judgment under Order XXXVIII Rule 5 of the Civil Procedure Code has been passed. The Bank filed the present writ petition challenging the action of the first respondent in not registering the sale certificate.