MACRO MARVEL PROJECTS LIMITED Vs. J.VENGATESH

JUDGEMENT

(1.) A. The Appeal :

(2.) The brief facts leading to the filing of this appeal are as follows:-

(3.) While so, on 16/11/2006, the appellant received a telegram from the first respondent informing about the cancellation of Power of Attorney. On 17/11/2006, the appellant called upon the respondents and also the Power of Attorney, Arumugam to come and execute sale deeds on 20/11/2006. On 20/11/2006, the third respondent also issued a telegram about the cancellation of Power of Attorney. On 16/11/2006, the first respondent also issued a legal notice not to deal with any of the unsold property and to return the original title deeds after payment of the loan amount to the bank. It is pertinent to note here that as agreed by the agreement of the sale, on 31/5/2004, the appellant/developer obtained project finance by mortgaging the title deeds of the subject matter property with United Bank of India, T.Nagar Branch and obtained a loan of Rs.3,00,00,000.00 and paid a sum of Rs.80,00,000.00 on various dates to the respondents.