KOTAK MAHINDRA BANK LIMITED Vs. STATE OF MAHARASHTRA

JUDGEMENT

(1.) Rule. Rule is made returnable forthwith. Heard finally by consent of the learned counsel for the parties.

(2.) This Writ Petition filed under Article 226 of the Constitution of India has prayed for the following reliefs :-

(3.) The Petitioner is a banking company carrying on banking business under the Banking Regulation Act, 1949. In or about April, 2005, one Mr.Dipak Digambar Naik along with Mrs.Aruna Naik (for short referred as "the co-borrowers"), the Directors of M/s.Millennium Motors Pvt. Ltd. had approached Citi Financial Consumer Finance India Limited (for short "CCFIL") for grant of credit facilities. Based on the request of the borrowers, CCFIL sanctioned housing loan for a sum of Rs.30,41,069.00 to the said borrowers. Such credit facility was repayable in 96 Equated Monthly Installments (EMI) of Rs.47,040.00 with interest at the rate of 10% p.a. The borrowers created Equitable Mortgage by deposit of title deeds of the land bearing Plot No.47, admeasuring 3600 sq. ft. being part of the larger land bearing Survey No.48/2 (City Survey No.410/519, Yerwada, Pune along with constructed residential bungalow admeasuring 2600 sq.ft. built up area (for short "the secured assets"), for loan amount of Rs.30,41,069.00 sanctioned under housing loan. Further in the month of May, 2009, the borrowers again approached CCFIL for grant of additional credit facilities. CCFIL granted a further loan of an amount of Rs.81,00,000.00.