B. JAYARANI Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) The petitioner has availed housing loan of Rs.9.50 Lakhs from the respondent REPCO Bank on 01.08.2011, and in order to secure due repayment of the loan, also created equitable mortgage in respect of the property situated at Plot No.35, R.S.No.179/1, K.V.Naidu Nagar, Melavali Vattam, Thanjavur, admeasuring an extent of 2400 sq.ft. The petitioner appears to have committed default in repayment of the dues, and therefore, proceedings were initiated under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("SARFAESI Act" for brevity) by issuing demand notice under Section 13(2) of the said Act on 31.07.2014, followed by possession notice, dated 21.10.2014. The respondent Bank has brought the property for sale, in which, the 3 rd respondent became the successful bidder, and sale certificate was also issued on 28.04.2017, after making the full payment of Rs.22,76,000/-.

(2.) The petitioner made a challenge to the sale notice, dated 06.03.2017, by filing S.A.No.147 of 2017, before the Debts Recovery Tribunal-III, Chennai.

(3.) Learned counsel appearing for the petitioner would submit that the Debts Recovery Tribunal-III, Chennai, vide order dated 03.08.2017, has dismissed the SARFAESI Appeal, and challenging the same, the petitioner filed further appeal in AIR (SA) No.492 of 2017 before the Debts Recovery Appellate Tribunal, Chennai, and in order to waive the Pre-Deposit, also filed I.A.No.1440 of 2017. The primordial submission made by the learned counsel appearing for the petitioner is that, in the light of the fact that the petitioner has repaid the loan amount of Rs.7,00,703/- on 10.11.2016 itself, the impugned conditional order passed by the Debts Recovery Appellate Tribunal by directing the Pre-Deposit of Rs.2,50,000/- to be paid in two installments, is not at all in order, and prays for interference.