N.RAM GOPAL Vs. INDUSLND BANK

JUDGEMENT

(1.) This writ petition is filed by the petitioner challenging the order dated 24.01.2020 passed in Crl.MP.No.3570 of 2019 in Crl.MP.No.183 of 2019 on the file of the Chief Metropolitan Magistrate, Nampally Criminal Courts, Hyderabad.

(2.) The subject property originally belonged to the petitioner, as he had acquired it under a registered gift deed dated 31.05.1983 executed in his name by his father. The petitioner executed a registered sale deed in favour of the respondent No.2 on 26.08.2016 conveying title of the property and also delivering possession thereof to the respondent No.2. The respondent No.2 mortgaged the property to the respondent No.1 - bank and obtained a loan from the respondent No.1 - bank.

(3.) Since the said loan was not paid, proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the SARFAESI Act') were initiated against the respondent No.2 by respondent No.1. Initially, a notice under Section 13(2) of the SARFAESI Act was issued on 29.01.2018 demanding the respondent No.2 to pay the dues of Rs.1,46,23,880.46 ps. as on 31.07.2018. But the respondent No.2 did not pay it.