SALIL R. UCHIL Vs. VISHU KUMAR

JUDGEMENT

(1.) Leave granted.

(2.) The 4th respondent is a Co-operative Bank. The 1st, 2nd, 5th and 6th respondents had taken a business loan of Rs.25,00,000.00 from the 4th respondent. 7th to 9th respondents guaranteed re-payment of the said loan.

(3.) As the 1st, 2nd, 5th and 6th respondents committed defaults in payment of instalments, the 4th respondent bank filed a dispute before the 3rd respondent for recovery of the loan amount with interest. The 3rd respondent is the Assistant Registrar of Co-operative Societies and Recovery Officer. The dispute was allowed. The 4th respondent was held entitled to a sum of Rs.21,92,942.00 with further interest and costs from the borrowers. In recovery proceedings, on 10/6/2019, a sale proclamation was issued by the 3rd respondent for the sale of property held by the 1st and 2nd respondents. The value of the property subject matter of auction was fixed at Rs.80,67,500.00. The sale proclamation of the auction sale fixed on 22/7/2019 was published in the local newspapers on 4/7/2019.