L. SABARY Vs. REPCO HOME FINANCE LIMITED

JUDGEMENT

(1.) The petitioner in the affidavit filed in support of this petition would aver among other things that the first respondent has issued an E-Auction sale notice, dated 10.12.2019, bringing the secured assets given by the borrower, viz., Mrs.P.Mangaiyarcarrassy, co-borrower viz., Mr.Perisamy, to realise the sum of Rs.2,02,82,417/- & Rs.1,00,93,758/-, as on 26.02.2019. It is a specific case of the petitioner that he made his own verification and came to know that one of the properties which is being brought for sale, in T.S.Nos.30 & 31, R.S.No.7/2, 7/3 Puducherry Mudaliarpet Commune, Village No.37, Pudupalayam Revenue Village at Anna Nagar Extension, was owned by one Vasanthy and she obtained loan from the third respondent bank and for non-payment of the same, the third respondent had brought the said property, by way of public auction, under the provisions of SARFAESI Act , in the year 2011. The original owner of the property, viz., Vasanthy, was in arrears of commercial tax payable to the second respondent to the tune of Rs.21 Crores. The second respondent who has also filed a Writ Petition, in W.P.No.11199 of 2011, questioning the said auction notice issued by the third respondent and obtained interim order in respect of item number 4 of the auction sale notice alone.

(2.) It is further stated by the petitioner that the fourth respondent has also obtained arbitrary award against Vasanthy in Arbitration Case No.1817 of Indian Council of Arbitration and obtained an order and without causing due verification, properties are sought to be sold in "as is where is condition".

(3.) Mr.S.Doraisamy, learned counsel for the petitioner in the light of the fact that the petitioner on his own verification became aware of the encumbrances and also brought to the knowledge of the first respondent in the form of representation dated 16.12.2019, it is obligatory on the part of the first respondent to issue addendum to the E-Auction Sale Notice, after following the procedure laid down under Rule 8 (7)(a) of the Security Interest (Enforcement) Rules, 2002 to become aware of the subsisting encumbrances and prays for appropriate orders.