S. VALARMATHI Vs. THE DISTRICT COLLECTOR

JUDGEMENT

(1.) Material on record discloses that a sum of Rs. 50 Lakhs, has been availed as loan from United Bank of India, Pondicherry, to be repaid with interest at 12.75% in 84 equated instalments at Rs. 90,000/- per month. Borrower has defaulted and therefore, bank has issued a notice dated 23.12.2010 under Section 13(2) of the SARFAESI Act, 2002, directing the petitioner to pay a sum of Rs. 39,83,146/- within 60 days from the date of receipt of the notice failing which, bank would take recourse to one or more of the measures provided under Section 13(4) of the SARFAESI Act, 2002.

(2.) Thereafter, bank has issued possession notice dated 23.03.2011, taking symbolic possession of all that piece and parcel of the land and building situated (three floors) at RS no.144/7, Reddiarpalayam Revenue Village Oulgaret-Sub Registration District, Pondicherry and bounded on the

(3.) Material on record, further discloses that said property was brought for public auction and a sale certificate was also issued to Soorya Educational Trust, the auction purchaser.