S. MARTIN Vs. DEBT RECOVERY APPELLATE TRIBUNAL

JUDGEMENT

(1.) Since the issues involved in both the writ petitions are similar in nature, they have been taken up together and a common order is being passed. Both the writ petitions, in W.P. No. 6986 of 2013 and W.P. No. 22475 of 2013, had been filed praying that this Court may be pleased to issue writs of Certiorari to call for and quash the order of the first respondent, dated 20.7.2012, made in R.A.(SA).38/2011.

(2.) The writ petitions, in W.P. No. 6986 of 2013 and W.P. No. 22475 of 2013, had been filed by the petitioners stating that an extent of 72.06 acres of land situated at Mahabalipuram, had belonged to Parson Holiday Resorts Private Limited and Coconut Groves Holiday Resorts Private Limited, the second and the third respondents in the said writ petitions. The said properties had been mortgaged to the Indian Bank, the fourth respondent in the writ petition, in W.P. No. 6986 of 2013 and the petitioner in W.P. No. 22475 of 2013, (hereinafter referred to as "the bank") for the loan availed by Sujatha Films Limited, on 8.2.1989. An agreement of guarantee had also been executed by the second and the third respondents. As such, the second and the third respondents are included in the definition of 'borrowers', under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

(3.) It has been further stated that Sujatha Films Limited had failed to repay the loan amount borrowed from the bank. Therefore, the bank had filed an application, in O.A. No. 552 of 1997, before the Debts Recovery Tribunal-II, Chennai. The said application had been subsequently renumbered as O.A. No. 2018 of 2001, and thereafter, renumbered as O.A. No. 81 of 2007, pending disposal before the Debts Recovery Tribunal-III, Chennai.