P KANNAN Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) THE prayer in the Writ Petition is for issuance of a Writ of Certiorarified Mandamus, calling for the records pertaining to the order dated 10. 7. 2008 passed in IN-SA. No. 391 of 2008 by the Debts Recovery Appellate Tribunal, Chennai and quash the same and forbear the first respondent from bringing the property for sale.

(2.) THE first respondent-Tamilnad Mercantile Bank (hereinafter referred to as 'the Bank'), having taken action under Section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, 'the NPA Act') the first writ petitioner/borrower and the second and third writ petitioners/guarantors/mortagagors preferred an appeal (application) under Section 17 of the NPA Act before the Debts Recovery Tribunal (for short, 'the DRT'), Coimbatore. Having been imposed with a conditional interim order of stay in I. A. No. 1285 of 2008 in S. A. No. 69 of 2008, by order dated 30. 4. 2008, the petitioners moved before the Debts Recovery Appellate Tribunal, Chennai, against such order of the DRT. The DRAT, having noticed the earlier order by it passed on 10. 6. 2008, dismissed the stay application and the proceedings in IN (SA ). No. 391 of 2008, for non-compliance of the conditional order, giving rise to the present Writ Petition.

(3.) LEARNED counsel appearing on behalf of the petitioners?borrower/guarantors/mortgagors, offered that out of the three mortgaged properties in question, one of the properties, which is an agricultural property, measuring 12. 90 acres situated at Karapalayam Village, Near Kangeyam, may be auction-sold by the Bank at the first instance. If the total amount is not recovered, then, it may proceed in accordance with law.