SLS PROPERTIES Vs. STATE OF TELANGANA

JUDGEMENT

(1.) The instant writ petition is filed by the petitioner seeking following relief:

(2.) The brief facts as narrated in the writ petition are that petitioner is a partnership firm and it had purchased land admeasuring Acs.21.538 guntas in Sy.Nos.863 to 870 (part), plot Nos.49 to 54 and part of 48 and 55, situated in Industrial Development Area, Phase-IV, Patancheru, Medak District, Telangana, in an auction conducted by the 4th respondent. Earlier, the said land was purchased by the 3rd respondent from Andhra Pradesh Industrial Infrastructure Corporation Limited, vide registered sale deed bearing document No.417/2002, dtd. 19/1/2002.

(3.) The 3rd respondent obtained certain loan facilities from Andhra Bank and the same is secured by way of charge of the above property. The 3rd respondent defaulted in repayment of the loan amount and therefore, the loan account was classified as Non-Performing Asset (NPA). The Andhra Bank therefore, initiated measures under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, Act, 2002') against the 3rd respondent. Subsequently, Andhra Bank executed an Assignment Agreement dtd. 30/3/2017 assigning the loan account, debt in favour of