LAWS(MPH)-2023-3-138

MURTAZA MALIK Vs. LIC HOUSING FINANCE LIMITED

Decided On March 14, 2023
Murtaza Malik Appellant
V/S
LIC HOUSING FINANCE LIMITED Respondents

JUDGEMENT

(1.) This appeal has been preferred by the appellants/plaintiffs under Sec. 96 of the Code of Civil Procedure against the judgement and decree dtd. 26/11/2022, passed by the Fourth Additional District Judge, Indore in Civil Suit No.921-A/2019.

(2.) In brief, the facts of the case are that the appellants/plaintiffs filed a civil suit for declaration simpliciter against the respondent /LIC Housing Finance Limited seeking the following relief:-

(3.) The facts in brief are that the plaintiffs obtained a loan of Rs.12.00 Crore from LIC Housing Finance Ltd. and for the same, the disputed land situated at Plot No.1 & 2, Kibe Compound, Indore was kept as a collateral security with the LIC Housing Finance Ltd. The case of the plaintiffs is that as the plaintiffs defaulted in making the payment, a notice was affixed on their premises by the defendant/LIC Housing Finance stating that the LIC has the charge over the property and no transaction in respect of the said property is permissible. This notice was affixed on the premises on 19/08/2019, which has given rise to the cause of action to the plaintiffs. Further, the case of the plaintiffs is that certain credit facility has also been obtained by one M/s Kabeer Reality Pvt. Ltd. from the Punjab National Bank and for which, the superstructure constructed on the land (on which the loan was obtained from the LIC Housing Finance), was kept as collateral security and since the aforesaid notice was affixed by the LIC Housing Finance on the said superstructure, the civil suit has been filed seeking the aforesaid relief.