UDYAMI AWASLYA SAHAKARI LOHANCHAL COMPLEX SAMITY LTD., A COOPERATIVE SOCIETY HAVING ITS OFFICE AT BALIDIH INDUSTRIAL AREA, BOKARO STEEL CITY THROUGH ITS SECRETARY, PRADEEP KUMAR SINGH, R/O BOKARO STEEL CITY, JHARKHAND Vs. THE PUNJAB NATIONAL BANK THROUGH ITS CHAIRMAN HAVING ITS OFFICE AT NEW DELHI

JUDGEMENT

(1.) Heard learned counsel for the petitioner and the Respondent Bank.

(2.) Petitioner has approached this Court against the possession notice published in the daily newspaper, Prabhat Khabar on 4.8.2016(Annexure-3) issued by the Respondent no.3 where under the property appertaining to Plot no. 1-C/48 Bokaro Industrial Area, Khata no. 243, Survey Plot no. 4637(P) has been sought to be put on auction by the Respondent no.3 for default in payment of outstanding industrial loan amounting to Rs. 5,80,60,227.06 extended in favour of third party namely M/s. Industrial Chemical Mineral Company for which Respondent No.4 had mortgaged the said property as a guarantor.

(3.) Learned counsel for the petitioner has contended that petitioner is a society, which has been allotted the piece of land for residential purpose vide lease deed dated 26.9.1992. After due scrutiny of the request made by the members of the Society, different plots have been allotted to different members for residential purpose including Respondent no.4 with specific terms and conditions contained in the agreement that the lessor and the lessee will not assign, mortgage, under-let or sell or part with the possession over the land without the previous consent of the lessor. However, the Respondent no.4 in complete breach of the said agreement, has mortgaged the piece of land allotted to him by way of guarantee to the third party and in default of payment of outstanding dues, the said property is sought to be auction sold. Petitioner is therefore, directly and substantially aggrieved by the impugned action.