P. SATHASIVAM, J. :- The above Writ Appeal has been filed against the order of the learned single Judge dated 25-11-2004, made in Writ Petition No. 30013 of 2003 in and by which the learned Judge confirmed the auction notice for bringing the property of the appellant by way of public auction to realise the money due to Tamil Nadu Industrial Investment Corporation.

2. It is not in dispute that the third respondent borrowed a sum of Rs. 4,95 lakhs from the first respondent herein, namely, Tamil Nadu Industrial Investment Corporation (hereinafter referred to as "TIIC"), promising to repay the said sum with interest as agreed. The appellant herein stood as a guarantor along with his wife K. Banumathy, 4th respondent herein (transposed as 2nd appellant as per order dated 25-1-2005 made in WAMP No. 114/2005) and Flat, namely, C-2, Balaji Apartments, Dhande-eswarar Nagar, VI Main Road, Velachery, Chennai-42 was mortgaged by way of equitable mortgage by depositing title deeds as security for the loan amount. It is further seen that since the principal borrower, namely, third respondent herein, did not pay the amount, the TIIC initiated action against the guarantor, the 1st appellan