PHOENIX ARC PVT. LTD Vs. SUB REGISTRAR, FEROKE

JUDGEMENT

(1.) The petitioner, an Asset Reconstruction Company, has filed this writ petition for a direction to the 1st respondent Sub Registrar to efface the entry regarding the attachment of its secured asset from the SRO Register and to register Ext. P5 Sale Certificate.

(2.) The 3rd respondent availed a loan from the South Indian Bank by creating an equitable mortgage by deposit of title deeds in respect of the property having an extent of 43 cents in old survey No.354/1 of Ramanattukara Village, Kozhikode District on 21/12/2009. The said mortgage was extended to cover renewed credit facilities on 25/10/2013. The 3rd respondent defaulted payment of loan amount and the Bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (for short, SARFAESI Act).

(3.) The 3rd respondent challenged the said proceedings before this Court in W.P(C) No.3692 of 2017 and this Court, by Ext. P3 judgment dtd. 6/2/2017, permitted the 3rdrespondent to satisfy the loan account in installments.