BHARGAVI REDDY Vs. ICICI BANK LIMITED

JUDGEMENT

(1.) The Revision Petitioner claims to be the statutory tenant under the Original Borrower/2nd respondent in - and it appears from the materials placed before this Court that the Original Borrower availed financial assistance from the respondent/Bank and in view of the default committed by the Original Borrower, action was initiated under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [in short ''the SARFAESI Act''].

(2.) It is the claim of the petitioner that even prior to the creation of security documents in favour of the respondent/Bank, there was an unregistered Lease Agreement dtd. 15/4/2014 followed by an Agreement of Sale dtd. 13/4/2016 and towards part performance of the obligations, a huge sum of money has also been parted with in favour of the Original Borrower and subsequently, a Memorandum of Understanding dtd. 20/4/2017 also came into being between the Original Borrower and the petitioner herein, wherein it has been stated among other things, that the petitioner had already transferred a total amount of Rs.9.00 Crores, both by cheques and NEFT transaction on the understanding that the vendor / Original Borrower will arrange to get the property which is the subject matter of the mortgage in favour of the respondent/Bank to discharge, execute and register the Sale Deed in her favour. The petitioner also expressed her grievance that she became aware of the availment of the loan by the Original Borrower and creation of the security documents pertain to property in her possession as the tenant, only of affixture of the Notice under Sec. 13[4] of the SARFAESI Act dtd. 17/10/2018.

(3.) The petitioner also expresses her grievance that despite the fact that she is a statutory tenant, the respondent/Bank, by twisting the arm of law, had taken illegal possession of the suit property on 19/7/2019. The petitioner has also filed a suit in OS.No.509 of 2017 on the file of the Court of 17th Assistant City Civil Court at Chennai against the respondent/Bank, restraining them from interfering with her peaceful possession and enjoyment of the same and the suit itself came to be dismissed on 27/10/2017.