ARUMUGAM Vs. AUTHORISED OFFICER, PUNJAB NATIONAL BANK

JUDGEMENT

(1.) Auction purchaser who had paid Rs. 67 lakhs, has filed the instant writ petition for a Mandamus, directing the respondent, to refund a sum of Rs. 67 lakhs, deposited by the petitioner on 17.10.2013, with interest at the rate of 24 % per annum, from 17.10.2013, till the date of repayment.

(2.) According to the petitioner, one Mr.K.Suresh has availed credit facilities from Punjab National Bank, Chennai, respondent herein, during February 2006, for his business purpose. To secure the above said loan, Mr.Suresh had mortgaged the property being the land and building situated at Kodambakkam Village Division No.131, Mambalam - Guindy Taluk, Chennai District comprised in S.No.367/3 Part, block 126, T.S.No.37, bearing Plot No.A-68, Door No.6, Gnanamani Street, Jafferkhanpet, Chennai - 600 083, ad measuring East to West on both sides 40 Feet and on the North to South side on both sides 60 feet in total measuring an extent of approximately 2400 Sq.Ft., along with super structure building in the land measuring approximately 1760 Sq.Ft.

(3.) Declaring the said loan account of K.Suresh, as Non Performing Asset, Punjab National Bank, Asset Recovery Management Branch, Chennai, respondent herein, has brought the aforesaid property for auction on 17.10.2013, under SARFAESI Act 2002. Petitioner being a successful bidder in the auction and deposited a sum of Rs. 67 lakhs with the bank.