SMT. CHANDRAKALA Vs. KARUR VYSYA BANK

JUDGEMENT

(1.) This petition is filed by the tenant/lessee of respondents Nos. 2 and 3/landlords/borrowers, viz., Sri Shankara (V.) and Smt. Prabha, son and wife of Sri Vajramuniyappa, seeking to issue a mandamus or direction, directing respondent No. 1 not to take physical possession of the writ petition schedule properties.

(2.) Respondent No. 1-The Karur Vysya Bank (hereinafter referred to as the "financial institution/bank", for short) invoked the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter called the "SARFAESI Act, 2002"), against the landlords/borrowers and issued demand notice under section 13(2) of the SARFAESI Act, 2002, on May 3, 2016 for recovery of their outstanding loans of Rs. 45.28 lakhs approximately as given in the notice under section 13(2) of the Act.

(3.) Respondent No. 1-financial institution/bank approached the learned Additional Chief Metropolitan Magistrate under section 14 of the SARFAESI Act, 2002, for taking over the possession of the secured asset in question namely the residential house in which the present petitioner claims his tenancy or leasehold rights in the first floor portion of the said property under the rent agreement entered into between himself and respondent No. 2, Sri Shankara (V.), on March 1, 2017 which is after the date of demand notice dated May 3, 2016 issued under the provisions of the SARFAESI Act, 2002.