SMT. ASHA K. Vs. AUTHORIZED OFFICER AND OTHERS

JUDGEMENT

(1.) Material on record discloses that on 03.08.2010 Sree Subramanyeshwara Co-operative Bank Ltd., Bangalore has issued a notice under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (in short SARFAESI) Act, 2002 to the petitioner and her husband Mr.G.K.Ramachandra, borrowers, that a sum of Rs. 15 Lakhs was sanctioned on 01.02.2007, for the purpose of housing loan debts, against security of an immovable property belonging to Smt.K.Asha wife of G.K.Ramachandra bearing Site No.5 and 6 (foremerly Eastern portion Site No.06) Katha No.3859/49/24/1/12, situated at Valagerahally Village, Kengeri Hobli Bangalore South Taluk, now within the limits of BBMP, Bangalore. Thereafter, possession notice under Section 13(4) of the SARFAESI Act, 2002 dated 21.01.2011 has been issued.

(2.) In the lis between P.K.Rajesh and Sree Subramanyeshwara Cooperative Bank Ltd., Bangalore, and others, reference has been made to the District Legal Services Authority, Bangalore - The Lok Adalat and Mr.G.K. Ramachandra, borrower has appeared. A lok adalat Order/Award/Decree in I.R.No.2832 of 2011 dated 24.01.2013, had been passed and same is extracted hereunderORDER/Award/Decree

(3.) Thereafter, when sale notice dated 09.12.2013 was issued by Sree Subramanyeshwara Co-operative Bank Ltd., Bangalore, Smt.K.Asha, one of the borrowers, has filed SA No.37 of 2014, before the Debts Recovery Tribunal, Bangalore, praying to set aside the sale notice 09.12.2013, issued by the bank. Petitioner has also prayed to restrain the bank from proceeding further. Sale has been confirmed on 23.01.2014, in favour Smt.L.Padma, Bangalore for Rs. 60,70,00,000/- and that sale certificate dated 01.03.2014 has been issued.