ARUN KUMAR S. Vs. RAGHU A.K.

JUDGEMENT

(1.) The petitioners have purchased apartments bearing Nos. G-03 and 301 in the complex called "Shri Sai Shanthi Nilaya" at Kodigehalli Village, Yelahanka Hobli, Bengaluru North Taluk and they have availed financial assistance to purchase these properties. The petitioners are aggrieved because another financial Institution has chosen to initiate proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ['the SARFAESI Act'] as against their respective properties.

(2.) The petitioners have purchased their apartments from Mr. Raghu A.K. [the common first respondent] under the separate Sale Deeds dtd. 20/9/2019 and 22/11/2019. If the petitioner in W.P.No.17681/2025 has availed assistance from M/s State Bank of India [the Bank], the other petitioner in W.P. No.19517/2024 has availed assistance from M/s. National Cooperative Bank Ltd [the Co-operative Bank]. It is undisputed that these petitioners are promptly repaying the loans to their respective Bankers and there is no default.

(3.) The petitioners' constraints are in similar circumstances. Mr. Raghu A.K, after executing the respective Sale Deeds as aforesaid in favour of these petitioners, has executed the Sale Deeds dtd. 9/12/2019 and 19/10/2019 in favour of Mrs. S. Deepa and Mr. Shivakumar. If Mrs. S. Deepa has availed a loan from the Co-operative Bank, Mr. Shivakumar has availed a loan from the Bank, and they have defaulted in repaying the loans resulting in the impugned proceedings by both the Bank and the Co-operative Bank.