The main legal point established in the judgment is the court's directive to handle the deposited amount, consider an early hearing of the Securitization Application, and not execute the sale-deed without permission from the Tribunal, emphasizing expeditious disposal.

ORDER :

1. Heard learned advocate Ms.Zainab I. Bharmal for the petitioner and learned advocate Mr.Lalit M. Patel for the respondent No.1.

2. Learned advocate Ms.Bharmal has tendered a draft amendment. The same is allowed in terms of the draft. To be carried out forthwith.

3. By this petition under Articles 226 and 227 of the Constitution of India, the petitioner has prayed for the following reliefs :

“(A) That the Hon'ble Court be pleased to quash and set aside the order dated 22.11.2019 passed by the Learned Debts Recovery Tribunal II, Ahmedabad in Securitization Application No.490 of 2019.

(B) That the pending hearing and final disposal of this petition, the Hon'ble Court be pleased to restrain respondent no.4 and 5 from creating further any right title or interest in the mortgaged property;

(C) That pending the hearing and final disposal of this petition, this Hon'ble Court be pleased to direct the DRT to expedite the hearing of the Securitization Application.

(Cl). That this Hon’ble Court be pleased to quash and set aside all the Section 13(4) measures initiated by the respondent No.1-Bank in respect of the secured asset of the petitioner and direct the respondents to release the secured asset to the petitioner; in the alternative,

(Cl). That this Hon’ble Court be pleased to direct the Hon’ble DRT-II to hear and finally decide the Securitization Application No.490 of 2019 within a period of 2 months.

(D) That the Hon'ble Court be pleased to grant any other just and proper remedy in the interest of justice.”

4. The brief facts of the case are as under :

4.1. In the year 2008, petitioner along with respondent Nos.2 and 3, applied to Citi Financial Consumer Finance India Limited for sanctioning of Home Equity loan of Rs. 14,85,000/-.

4.2. Pursuant to that, on 28.08.2008, the Citi Financial Consumer Finance India Limited vide Home Equity Loan Agreement, sanctioned the term loan of Rs.14,85,000/- to the petitioner and respondent Nos.2 and 3 and one Mrs.Hansaben Pravinchandra Singapuri, on terms and conditions as stipulated in the Home Equity Agreement dated 28.08.2008. The said loan agreement, respondent No.2 is the principal borrower and petitioner and respondent No.3 are co-borrower. In terms of the said agreement, the petitioner, along with respondent No.3, stood as guarantors to the said loan herein.

4.3. In terms of the said agreement, the City Financial Consumer India Limited (the “CCFIL”) had assigned the said loan to Citibank N.A. and subsequently, Citibank N.A. had assigned the said loan to DCB Bank (Formerly Known as Development Credit Bank Limited) on 31.7.2010 (the “Assignment Date”).

4.4. That petitioner and respondent Nos.2 and 3 had vide registered mortgage deed dated 05.09.2008, mortgaged two properties to the respondent No.1 as a security against the said term loan sanctioned by the respondent No.1. The description of the said properties are as under:

1. Residential Flat at Flat no. 101 and 102, 1st floor admeasuring 1080 sq fts ie. 100.34 sq mtrs, Sainath Apartment, Co-operative Housing Society, Hanuman Sheri, Sagrampura, Surat owned by Smt.Hansaben Sakarlal.

2. Residential Flat at Flat no. 103, 1st floor admeasuring 1080 sq. Fts. ie. 100.34 sq. mtrs, Sainath Apartment, Co-operative Housing Society, Hanuman Sheri, Sagrampura, Surat owned by Shri Pravinchandra Ishwarlal Singaputri. As per the valuation report dated 14.08.2008, the market value of the said properties was Rs.24,75,000 /-.

4.5. Pursuant to the said agreement dated 28.08.2008, the petitioner and respondent Nos.2 and 3 agreed to the terms and conditions as stipulated in the said agreement and Rs.14,85,000/- was disbursed to the petitioner and respondent Nos. 2 and 3.

4.6. That pursuant to the disbursement of the sanctioned amount, petitioner along with respondent Nos.2 and 3 herein regularly paid the installments to the respondents till 2014 towards payment of the sanctioned loan and abided by the terms and conditions of the said loan agreement.

4.7. On 03.12.2014,