PUSHPALATHA RAVINDRAN Vs. INDIAN BANK

JUDGEMENT

(1.) C.R.P.(PD).No.2046 of 2016 has been filed against the order dated 02.03.2015 passed by the Debt Recovery Tribunal - I, Chennai, in O.A.No.54 of 2006, and C.R.P.(PD).No.84 of 2018 has been filed against the order dated 19.12.2017 passed by the Debt Recovery Appellate Tribunal, Chennai, in I.A.1261 of 2017.

(2.) The brief facts of the case are that the petitioner approached the respondent bank for housing loan to purchase a flat. The respondent bank, after scrutinizing the application and after due verification, approved to sanction credit facility vide its letter dated 24.07.1989 for a sum of Rs.4,60,000/-. Subsequently, on 07.08.1989, the petitioner executed a promissory note, mortgaged the immovable properties belonging to her in favour of the respondent bank and created an equitable mortgage as collateral security for the Housing Loan. Thereafter, the respondent bank sanctioned the said loan of Rs.4,60,000/- and the same was acknowledged by the petitioner by letter dated 08.08.1989. However, after sanctioning of the loan, the petitioner paid Rs.30,000/- on 02.07.1997 and thereafter, the petitioner was not regular in repayment of the loan. The respondent bank made several requests to the petitioner to pay the due amount. Despite the same, the petitioner did not come forward to settle the dues. Hence, the respondent bank issued a legal notice on 27.01.1997 calling upon the petitioner as to why she has not repaid the loans. But, the petitioner did not send any reply to the said notice.

(3.) Left with no other option, the respondent bank filed a suit in O.S.No.8151 of 1997 before the IV Additional Judge, City Civil Court on 16.09.1997, for recovery of the outstanding dues of Rs.8,52,517/- together with interest and costs. The learned IV Additional Judge, City Civil Court, by order dated 19.03.2002, allowed the suit filed by the respondent bank, directing the petitioner to pay a sum of Rs.9,16,467/- together with interest at 20.75% per annum with quarterly rests on Rs.8,52,517/- from the date of filing the suit, till the date of realisation. Thereafter, based on the said decree, the respondent bank issued a demand notice dated 24.01.2006 under Section 13(2) of the SARFAESI Act 2002, calling upon the petitioner to pay the outstanding amount of Rs.19,77,829/- within a period of 60 days from the date of receipt of the said notice. In spite of the demand notice, the petitioner did not come forward to settle her dues, and therefore, on 24.03.2006, the respondent bank filed O.A.No.54 of 2006 before DRT, Chennai, seeking for a direction to the petitioner to pay the outstanding due amount of Rs.41,84,816.65 with interest at 20.75% per annum compounded with quarterly rests. Pending the said O.A., the respondent bank affixed a notice dated 29.07.2006 on the doors of the petitioner's house under Section 13(4) of the SARFAESI Act, 2002, and thereafter, the petitioner filed a reply statement to the said O.A. on 05.10.2006. However, on 14.10.2008, an exparte final order came to be passed against the petitioner.