A PANNER SELVAM Vs. STANDARD CHARTERED BANK, CHENNAI

JUDGEMENT

(1.) The first petitioner has availed personal loan from Standard Chartered Bank, Chennai/first respondent, in 2004. As he could not re-pay the loan, Bank threatened. He was constrained to lodge a complaint with the Police against the officials of the Bank. A compromise was worked out. The petitioner has further contended that the first respondent assigned loan to Phoenix ARC Private Limited, Mumbai/second respondent. Though no possession notice was served, the second respondent, brought the property for sale. There were no bidders. An other sale notice was issued, pursuant to which property was sold to the third respondent. Sale certificate, dated 28/7/2011 was issued, and registered as Document No.963 of 2011, on the file of the Sub-Registrar, Sowcarpet.

(2.) Third respondent has filed a suit, in O.S.No.6978 of 2011, on the file of the City Civil Court, against the writ petitioner, for a permanent injunction, restraining the petitioner from disturbing with the peaceful possession of the property and obtained an interim ex parte order.

(3.) Writ petitioner, filed S.A.SR.No.6530/2011, on the file of the Debts Recovery Tribunal - I, Chennai, to condone the delay of 315 days, in filing an application, under Section 17 (1) of the SARFAESI Act, 2002. Simultaneously, he has filed S.A.SR.No.6531 of 2011, to set aside the sale certificate. In S.I.A.SR.No.6531 of 2011, Phoenix ARC Private Limited, Mumbai/second respondent, the second respondent contended that the writ petitioner has availed housing loan/Motor vehicles loan of Rs.13.50 lakhs in December 2004 from first respondent Bank and created security interest over the schedule property, in favour of the first respondent Bank.