NARENDER JAIN Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) Petitioner has filed the present writ petition, assailing the orders dated 17th December, 2004 and 19th January, 2005 in case bearing No.112/203, titled Union Bank of India Vs.A.I.International, passed by the Chief Metropolitan Magistrate, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as SARFAESI Act. Further, direction is sought for restraining respondent No.1 from interferring with possession of property bearing NO.R-29, Inderpuri, New Delhi.

(2.) Petitioner claims to have entered into an Agreement to Purchase the property vide an Agreement to Sell and Purchase dated 22nd May, 1998, from respondent No.2, Sh.Jagdeep Singh Sahni for a sum of Rs.81 lacs. Petitioner claims to have paid on varying dates a total sum of Rs.75 lacs. Petitioner received possession of the property on 7th July, 1998.

(3.) Respondent No.1 Union Bank of India had filed an application under Section 14 of the SARFAESI Act before the Chief Metropolitan Magistrate for taking possession of property bearing No.R-29 Inderpuri, New Delhi. It is the case of respondent No.1 that respondent No.2 had created an equitable mortgage by deposit of title deeds, in respect of the aforesaid property for securing the loan granted to it by respondent No.2.