ICICI BANK Vs. STATE OF TELANGANA

JUDGEMENT

(1.) Heard learned counsel for the petitioner and learned Assistant Government Pleader for Stamps and Registration and learned counsel for the respondent No.8 and perused the material on record.

(2.) Learned counsel for the petitioner submits that the petitioner challenging the action of the respondent No.2 in not registering the sale certificate dtd. 14/12/2022 issued by the petitioner-bank under the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity, 'SARFAESI Act') basing on the pretext of the Warrant of Attachment Orders dtd. 20/10/2021 passed by the Principal Senior Civil Judge, Mancherial, in I.A.No.150 of 2021 in O.S.No.19 of 2021 and another Notice-cum-Conditional Attachment Order dtd. 4/8/2022 passed by the Chit Arbitrator/Deputy Registrar of Karimnagar in I.A.No.8 of 2022 in Arb.No.100 of 2022, which is illegal and arbitrary and contrary to the SARFAESI Act.

(3.) Learned counsel for the petitioner further submits that the respondent No.4 approached the petitioner-bank for the purpose of finance facility in the form of overdraft facility for his business and made an application. Subsequently, the petitioner-bank sanctioned a total amount of Rs.4,80,00,000.00 (Rupees Four Crore Eighty Lakhs Only) to the respondent No.4 and the same was sanctioned after depositing title deeds dtd. 14/8/2014 in respect of his personal property, which is in relation to residential open place admeasuring 438.75 Sq.Yards or 366.83 Sq.Meters in H.No.12-5/1, 12-5/10, 12-5/11 in Sy.No.256 situated at Mancherial Town & Mandal, as security for repayment of loan and the same is covered by registered sale deed No.4381/2001 dtd. 23/11/2001. It is submitted that respondent Nos.6 and 7 stood as guarantors and have signed the loan documents including the deed for deposit of title deeds.