MARIA THOMAS Vs. CHAIRMAN AND MANAGING DIRECTOR,

JUDGEMENT

(1.) THE appellant who had availed of a loan of Rupees fifteen lakhs from respondent No. 1 Bank in the year 1999, faced recovery proceedings because of her default in repayment. The appellant approached this Court under Article 226 of the Constitution of India when proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and Rules were initiated for taking possession and sale of the two immovable properties which were mortgaged to the Bank.

(2.) THE learned Single Judge noticed that the Debt Recovery Tribunal had passed a decree against the appellant for a total sum of Rs. 31,52,840/ - and as on the date of the judgment, the total liability of the appellant/petitioner was to the tune of Rs. 45,64,850/ -. Two items of properties belonging to the appellant, one of which is a residential building (item No. 1), are proposed to be sold in auction.

(3.) WHEN this writ appeal came up for consideration on July 15, 2009, it was submitted on behalf of the appellant that she was prepared to make an attempt to find out a prospective buyer for item No. 2 so as to enable her to discharge the decree debt. Accordingly an opportunity was given to the appellant to bring on record the intending purchaser.