M ASIYA BANU Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) AS the issues raised in all the writ petitions are same, they are taken up together for disposal by this common order.

(2.) M/s Maharaja Timber Traders, Chennai availed loan of Rs.150 lakhs from Nedungadi Bank Limited, presently known as Punjab National Bank, Mylapore branch during the year 1998. Thiru V.M.S.Jafarullah was the proprietor of the said firm. The writ petitioners, numbering four, stood as guarantors and they deposited the original title deeds pertaining to the secured asset. In the year 1999, the firm availed additional loan facility to the tune of Rs.50 lakhs. The firm, thereafter, availed additional loan facility of Rs.75 lakhs in the year 2000 and ultimately the total loan availed by the firm was Rs.300 lakhs and all the petitioners stood as guarantors for the entire amount of Rs.300 lakhs and necessary deeds of mortgage were also executed.

(3.) WE have heard Mr.M.Krishnappan, learned senior counsel for the petitioner in W.P.No.13710 of 2011, Mr.R.Thiagarajan, learned counsel for the first and second petitioners in W.P.Nos.15292 to 15294 of 2011 and for the petitioners in W.P.Nos.15295 & 15297 of 2011 and for the respondents 3 to 5 in W.P.No.13710 of 2011, Mr.S.D.S.Philip, learned counsel for the third petitioner in W.P.Nos.15292 to 15294 of 2011 and for the petitioner in W.P.No.15296 of 2011, Mr.L.Ganesh, learned counsel for the first respondent bank, Mr.S.V.Jayaraman and Mr.R.S.Jeevarathinam, the respective learned senior counsel for the respondents-auction purchasers and Mr.R.Karthikeyan, learned counsel for the seventh respondent in W.P.Nos.15292 to 15294 of 2011.