SURESH KUMAR Vs. JAIN CO-OPERATIVE BANK LTD

JUDGEMENT

(1.) WE have heard learned counsel for the parties.

(2.) THE present petition is directed against the order dated 13.05.2014 of the Debts Recovery Appellate Tribunal (DRAT) whereby it dismissed the present petitioner's appeal. The petitioner consequently seeks a direction to the DRT -III to decide on the S.A. No.538/2012 filed by the petitioner without insisting on the pre -deposit of Rs. 3 lakhs.

(3.) THE brief facts are that the petitioner claims to be the registered Power of Attorney holder of the property over which a mortgage security was apparently executed in favour of the first respondent/bank. The petitioner's submission is that as the prior beneficial owner of the property, his title had to prevail over the mortgaged security. The first respondent, on the other hand, contended that the property could not have been parted without the permission of DSIDC since it was leased and that the mortgaged security was created after duly notifying with the concurrence of the DSIDC. The Respondent Nos. 2 and 3 in whose favour credit facility was granted by the first respondent challenged the petitioner's assertion and contended that no interest was created in favour of the writ petitioner.