SUBAIR T.P. Vs. SOUTH INDIAN BANK LTD

JUDGEMENT

(1.) The 1st petitioner is the Proprietor of M/s. Magic Flex Print. The 1st petitioner obtained a loan creating equitable mortgage of an extent of 0.0452 Hectares in Malampuzha-II Village of Palakkad Taluk. The loan of ?20 lakhs taken on 24/11/2017 fell into arrears and the respondent-Bank declared the loan account as NPA.

(2.) The petitioners state that the property worth ?35 lakhs was undervalued for auction and was sold to the 4th respondent for ?12 lakhs. The 4th respondent sold the property to the 6th respondent for ?13,25,000/-. The sale by the Bank was fraudulent, allege the petitioners. The petitioners seek to quash Ext.P2 Sale Certificate and to direct the respondents to regularise the loan account of the 1st petitioner.

(3.) I have heard the learned counsel for the petitioners and the learned Standing Counsel representing respondents 1 to 3.