RAMESH Vs. KARUR VYSYA BANK DIVISIONAL OFFICE

JUDGEMENT

(1.) This petition is filed by the tenant/lessee of Respondent Nos.2 and 3/landlords/borrowers, viz. Sri. Shankara V., Son of Sri.Vajramuniyappa and Smt. Prabha, Wife of Sri. Vajramuniyappa, seeking to issue a mandamus or direction, directing the Respondent No.1 not to take physical possession of the writ petition schedule properties.Sri. Ramesh Vs. The Karur Vysya Bank and Others

(2.) The 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 'SARFAESI Act,2002',) against the landlords/borrowers and issued Demand Notice under Section 13 (2) of the SARFAESI Act, 2002, on 03/05/2016, 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.) The 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 lease hold rights in the Third Floor portion of the said property under the Rent Agreement entered into between himself and the Respondent No.2, Sri. Sri. Ramesh Vs. The Karur Vysya Bank and Others Shankara V, on 13/11/2016, which is after the date of Demand Notice dated 03/05/2016 issued under the provisions of the SARFAESI Act, 2002.