TAMIL NADU MERCANTILE BANK LTD. Vs. SUB-REGISTRAR

JUDGEMENT

(1.) The Petitioner Bank has sought issuance of a Writ of Mandamus, directing the Sub-Registrar, Sembakkam, to delete the property mentioned in the schedule to the Writ Petition from the Certificate of Encumbrance and to direct the 1st respondent to register the Sale Certificate dtd. 4/10/2023 issued by the petitioner Bank.

(2.) We have heard Mr. V. Chandrasekaran, learned counsel for the writ Petitioner and Mr. Haja Naziruddin, learned Additional Advocate General, assisted by Mr.G.Nanmaran, learned Special Government Pleader for the 2nd respondent and Mr.M.Habeeb Rahman, learned Government Advocate for the 1st Respondent.

(3.) According to the learned counsel for the Petitioner Bank, the property which is set out by way of a separate schedule to the Writ Petition was mortgaged by one A.Seyathu, partner of M/s. Friends Telecom in favor of the Petitioner Bank on 12/11/2015, by an agreement of deposit of title deeds. This mortgage was created in respect of credit facilities availed by the partnership firm, M/s. Friends Telecom. The memorandum of deposit of title deeds was duly registered as Document No.12332 of 2015 on the file of Sub Registrar Office, Selayur as well. The property was also registered under Sec. 26D of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002, on 21/11/2015.