PRADEEP NANDRAJOG, J.

1. A common question of law concerning the power of the Recovery Officer, while executing orders passed by the Debts Recovery Tribunal under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as the Act) wherein the bank or a financial institution has obtained a right to recover the debt, as determined by the Debts Recovery Tribunal from the borrower and the guarantors, to proceed against a property held to be mortgaged with the bank or the financial institution to which objections are filed by third parties, claiming an interest in the property, arise for consideration in the above captioned writ petitions and therefore though the factual matrix of the four writ petitions are slightly different they are being decided by a singular order.

2. The above captioned writ petitions relate to different floors of the same building built on plot bearing municipal No.7/3 Old Rajinder Nagar, New Delhi.

3. The admitted position concerning the building on plot bearing municipal No.7/3 Old Rajinder Nagar, New Delhi is, that the Government of India, through the Land and Development Office, granted perpetual lease-hold rights in favour of one Sh.Hari Ram son of Ralla Ram under an indenture dated March 30, 1963, duly registered with the Sub-Registrar, New Delhi. Appended as an Annexure to the lease-deed and described as an Appendix is a conveyance deed. Jointly under the two, land ad-measuring 85.3 sq.yards with a two room single storey tenement constructed thereon was demised in perpetuity in favour of Sh.Hari Ram. Vide para-c of the lease-deed it was stipulated :-

“(c) The lessee can transfer the land after obtaining the permission of the Lessor aforesaid and the Lessor will not share any unearned increment in the value of the land (being the difference in the premium paid by him to the Lessor and the market value of the land then prevailing) for permitting such transfer. The Lessor will, however, be entitled to claim and recover the unearned increment in the value of land in the event of any subsequent transfer of the land by a transferee the amount so to be recovered being 50% of the unearned increment in the value of the land”.

4. Hari Ram died on October 11, 1970. Twelve years after he died, an application was filed on July 12, 1982 by his legal heirs for being substituted as joint lessees, on completion of the requisite codal formalities vide letter dated September 29, 1982, it was conveyed by the lessor to the legal heirs, who were ten in number, that the property stood mutated in their names with Shakuntala Devi, Jagdish Chander, Rajinder Singh, Inder Singh, Randhir Singh, Parkash Devi, Shanti Devi and Chander Kanta, the wife, sons and daughters of the deceased, each having 1/9th share each in the property and Rajinder Kumar and Sukrita Rani, the grand children of the deceased each having 1/18th share in the property.

5. On the strength of a General Power of Attorney executed on May 31, 1983 jointly by the ten legal heirs of Hari Ram, one Ashok Sirpaul son of Sh.Amrit Lal executed a sale-deed on June 23, 1986 in favour of his real brother Anil Sirpaul which was registered as document No.5682 in Additional Book No.1, Volume No.5518 at pages 82 to 85 in the office of the Sub-Registrar, New Delhi on June 23, 1986.

6. Thus, Anil Sirpaul became the registered owner of the subject property. He died on September 09, 1996, but before that, during his life time he entered into a collaboration agreement on March 25, 1993 with Ms.Alka Wadhwa and Ms.Vibha Sabharwal, who were referred to as builders in the collaboration agreement. The builders were to demolish the existing two room tenement on the plot and construct a four storyed building, comprising a ground floor, a first floor, a second floor and third floor, with the ground and the second floor without terrace rights to be the property of Anil Sirpaul and the first and the third floor with terrace rights vest