(1.) The petitioner is the guarantor for the packing credit advance availed by the principal borrower from the respondent bank on 16.8.1994 to a tune of Rs. 15 lakhs carrying interest at 13% p.a. Apart from four properties belonging to the borrower having been mortgaged for the said advance, one property of the petitioner being a guarantor was also given in mortgage. For the failure of repayment of advance amount by the principal borrower, the bank approached the Debt Recovery Tribunal and obtained an exparte decree dated 3.5.1999 for a sum of Rs. 21,12,714.00 together with interest. Thereafter, the properties were attached on 06.08.2002 including the fifth item belonging to the petitioner and publication of sale notice was issued on 13.07.2003. The sale was effected on 14.8.2003 and thereafter, it was confirmed and the sale certificate was also issued on 18.9.2003.
(2.) The petitioner has filed an application on 1.9.2003 before the Debt Recovery Tribunal to set aside the sale, on the following grounds:
(3.) We have heard Ms.Gowri, learned counsel appearing for the petitioner, Mr.Om Prakash, learned counsel for the third respondent/bank and Mr.C.Ravichandran, learned counsel appearing for the fifth respondent.