M.MALARVIZHI Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) In view of the order going to be passed in these Writ Petitions notice to the respondents is dispensed with.

(2.) Heard the submissions of the learned counsel for the Petitioners and perused the affidavits filed in support of the Writ Petitions.

(3.) Admittedly, the Petitioners have availed financial assistance from the second respondent in the form of Housing Term Loan for a sum of Rs.84.70 Lakhs and other financial assistance. In the light of the default committed by them, the second respondent bank issued notice of demand under Section 13(2) of the SARFAESI Act, dated 23.10.2018 demanding a sum of Rs.96,33,458/- and it appears that the petitioners and another had approached the said bank for the settlement of the amount. It is case of the petitioners that the second respondent without considering the said plea had proceeded further and issued possession notice under Section 13(4) of the SARFAESI Act dated 27.12.2018, followed by Notice of Intended Sale dated 12.02.2019. However, the auction could not fructify and therefore, the second respondent Bank has once again issued another common notice to all the parties indicating their intention to bring the secured assets by way of sale on 29.01.2020. The petitioners and another challenging the said action on the part of the second respondent have filed S.A.No.63 of 2020 on the file of the Debts Recovery Tribunal, Madurai and pending disposal of the same, also filed interlocutory application to stay all further proceedings.