R RANGANATHA Vs. INDIAN BANK

JUDGEMENT

(1.) The petitioner is before this Court calling in question proceedings before the Debts Recovery Tribunal-I at Bengaluru ('the Tribunal' for short) in O.A.No.487 of 2014 initiated by the respondent/Indian Bank ('the Bank' for short) invoking the provisions of The Recovery of Debts and Bankruptcy Act, 1993 ('the Act' for short) and Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI Act' for short).

(2.) Brief facts that leads the petitioner to this Court in the subject petition, as borne out from the pleadings, are as follows:-

(3.) During the service of the petitioner, he had availed a loan to construct a residential house in a site purchased by him and his wife in Bengaluru City. The site was purchased on 19/5/1999 and an application was made for sanction of housing loan on 5/10/1999. An amount of Rs.4,72,348.00 was sanctioned in favour of the petitioner by creating an equitable mortgage of the property purchased by him as aforesaid. The petitioner appears to have approached the Bank again for additional housing loan and was granted such loan on 31/10/2001 in a sum of Rs.2,50,000.00 by extending the already created equitable mortgage. The petitioner cleared entire dues of the housing loan on 22/12/2011. The Bank did not return original documents of the property that was mortgaged with the Bank against the said loan.