K.NALLUSAMY Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) This Civil Revision Petition filed under Article 227 of the Constitution of India is directed against the order, dated 11.05.2018 in I.A.No.1228 of 2018 in S.A.No.247 of 2018 on the file of the Debt Recovery Tribunal, Madurai.

(2.) The Interlocutory Application was filed by the petitioner, who is the borrower of a loan from the respondent bank. This Civil Revision Petition was moved on the ground that the Debt Recovery Tribunal did not grant stay of the sale proceedings, though the petitioner filed an application along with original demand draft for a sum of Rs.5,53,000/-. The said demand draft was drawn in the name of the Branch Manager, Tamil Nadu Mercantile Bank Ltd., dated 07.05.2018 drawn on Central Bank of India, Theni Branch. The Court while entertaining the Civil Revision Petition passed an interim order on 16.05.2018, directing the petitioner to deposit a sum of Rs.5,53,000/- before this Court to the credit of this Civil Revision Petition on or before 11.06.2018. On effecting such C.R.P.(PD)(MD)No.1060 / 2018 deposit, the original demand draft, which was directed to be retained by the Registrar Judicial, was directed to be returned to the petitioner. The petitioner complied with the condition and the original demand draft has been returned. The amount of Rs.5,53,000/- is now lying in Court deposit to the credit of this Civil Revision Petition. It is the submission of the learned counsel for the petitioner that the loan availed by the petitioner has been fully settled.

(3.) Per contra, the learned counsel for the respondent bank submits that three loans were extended by the respondent bank. One loan for the petitioner and two loans for his mother and the property, which is the subject matter of mortgage, is to secure the loan transaction of the petitioner and one of the two loans transaction of the petitioner's mother.