THOMAS MATHEW S/O ABRAHAM MATHAI AND MATHEW M. PHILIP Vs. THE STATE BANK OF INDIA AND THE AUTHORIZED OFFICER

JUDGEMENT

(1.) THESE three cases are taken up for hearing and disposal, since they are intrinsically interconnected.

(2.) WE have heard learned Counsel for the parties.

(3.) WP (C) No. 24568 of 2008, was filed by the debtors calling in question the legality of the proceedings initiated by the Bank against those properties mortgaged by them. The learned Single Judge after considering the entire aspects of the matter held that the proceedings initiated by the Bank were totally valid and in accordance with the provisions of the Act and accordingly dismissed the Writ Petition. However, it was clarified that if the debtors paid off the entire outstandings and accruals even through a third party, who would purchase the entire holdings or part of the holdings, it would be open to the Bank to accept the same and close the loan account.