PRABHAKAR RAGHAVENDRA Vs. P.RAJASEKARAN

JUDGEMENT

(1.) These applications have been filed for an interim injunction restraining the 1st respondent not to alienate the schedule mentioned property in the judges summons to any third party by way of lease or leave and license. The other relief sought for is for a direction to the 1st respondent to furnish security for the claim amount failing which to disclose the asset statement of the 1st respondent.

(2.) The case of the applicant is that the applicant is a resident of Dubai and is involved in the business of property development. During the year 2016, he came in contact with the 1st respondent through a common friend and the 1st respondent requested the applicant to financially help him to release the property from the loan for which the property was mortgaged. The applicant decided to extend financial help to the 1st respondent and accordingly, a loan agreement dtd. 8/7/2016 was executed between the applicant and the respondent wherein the 1st respondent was duly represented by his power agent, who is the 2nd respondent and the 3rd respondent stood as the guarantor to the loan facility. A total of Rs.8.00 Crores was disbursed to the 1st respondent.

(3.) The power agent of the 1st respondent submitted all the original documents to the applicant pertaining to the property which has been duly received from the bank after the discharge of the mortgage loan availed by the 1st respondent. The 1st respondent executed a registered mortgage deed dtd. 22/7/2016 through the power agent as per the terms and conditions of the loan agreement.