TEXLA TOWERS LIMITED Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) The petitioner by this writ petition seeks a writ of mandamus to the respondent-Bank to forthwith return to the petitioner, title deeds of property bearing Plot No. 2, Khasra Nos.1243/741/2 and 1297/1244/1 situated at Bala Saheb Gurudwara, Village Kilokari, New Delhi. Petitioner M/s. Texla Towers Ltd. claim that it stood as a guarantor for a loan from Bank being advanced to respondent No. 2, who was the borrower namely M/s. Bestavision Infotech Ltd.

(2.) It is not disputed before me that the loan in question of Rs. 1 crore stands fully repaid. Petitioner, claiming to be the owner of the property, sought a direction for return of the title deeds which had been deposited by way of equitable mortgage. Respondents are not willing to return the same.

(3.) Counsel for respondent submitted that based on the sale deed in respect of property, the owners are Mr. Sukhvinder Singh and Inderjit Singh, while the petitioner's claim that the petitioner-Company is the owner as per the sale deed and other documents executed at the time of grant of the loan. Petitioners claiming to be owners assert that they are entitled to return of title deeds. Parties had taken me through the documents and I was inclined to dispose of the writ petition. However, I find the respondent No. 1 has filed an OA before the Debt Recovery Tribunal wherein one of the reliefs, as sought in the said OA, is as under: