K JAYASREE Vs. AUTHORISED OFFICER, INDIAN OVERSEAS BANK

JUDGEMENT

(1.) Mrs.K.Jayasree, Proprietor of Santhoshi Associates, first petitioner is the borrower. Second petitioner, husband is the guarantor. They have availed loan. Offered immovable property as security by depositing title deeds, on 25/4/2011 and that the same was registered as Document No.2026 of 2011, on the file of the Joint

(2.) According to the petitioners, as per the Lok Adalat Award, first instalment of Rs.5 lakhs was paid by them, on 30/3/2017 and that the next instalment of Rs.31,50,000/-, could not be paid on or before 31/7/2017. As the petitioners are engaged in real estate and construction business, which became dull, they could not make the second instalment.

(3.) Thereafter, petitioners have paid Rs.1 lakh to the Bank and sought for extension of time till 31/12/2017, to make the remaining amount of Rs.30,50,000/-. The first petitioner also became ill. Even without issuing notice to the petitioners, Bank has affixed sale notice, dated 29/1/2018, on the immovable property. Being aggrieved, instant writ petition is filed, on the grounds of violation of principles of natural justice and non-adherence to Rule 9 (1) of the Security Interest (Enforcement) Rules, 2002.