STATE BANK OF INDIA Vs. JAYALAKSHMAMMA

JUDGEMENT

(1.) There is a delay of 32 days in filing the writ appeal and I.A.No.3/2023 is filed seeking condonation of delay. For the reasons stated in the affidavit accompanying the application, the delay is condoned. Accordingly, I.A.No.3/2023 is allowed.

(2.) This writ appeal is directed against the orders dtd. 10/2/2023 and 24/3/2023 passed by this Court in W.P.No.2029/2023.

(3.) The brief facts of the case are that respondent No.1 approached the appellant -Bank for grant of loan to start a poly house. Respondent No.2 stood as guarantor and his house property was mortgaged against the loan amount. Since the respondents failed to repay the loan, after following due procedure under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), the appellant approached the learned Principal Senior Civil Judge and Chief Judicial Magistrate, Mandya in Crl.Misc.No.99/2022 for taking physical possession of the mortgaged property in order to put the same to auction and to recover the loan amount. The learned Magistrate, by his order dtd. 11/4/2022, held that the appellant -Bank is entitled to take possession of the property in question towards satisfaction of the loan amount. Challenging the said order, the respondents filed W.P.No.2029/2023. By the order dtd. 10/2/2023, this Court issued emergent notice and granted interim relief in favour of the respondents staying the order dtd. 11/4/2022 passed in Crl.Misc.99/2022 subject to the respondents depositing 30% of the outstanding amount within eight weeks i.e., 15% within four weeks from the date of the order and the remaining 15% within four weeks thereafter. It was further observed in Clause 3 of the said order that any deviation in paying the amount within timeline stipulated, even at the first instance, would entail vacation of the interim order and would also run the risk of dismissal of the petition itself.