ELIPE DHARMA RAO, M.VENUGOPAL
P. R. Rajesh & Another – Appellant
Versus
State Bank of India rep. by the Chief Manager, Kerala – Respondent
ELIPE DHARMA RAO, J.
This Civil Revision Petition is directed against the order of the Debts Recovery Appellate Tribunal, Chennai in IN (SA) No.137 of 2009 dated 05.05.2009.
2. It is the case of the petitioners that they along with the parents of the first petitioner availed loan of Rs.15 lakhs each i.e. totally Rs.60 lakhs from the respondent Bank during March, 2006 from its Kayamkulam branch, for which, they have given two landed properties as security. Since the business was not profitable as expected by them, the loan amounts were due and the Bank issued notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as SARFEASI Act). Possession notice was published in news papers viz., The New Indian Express and vernacular daily Mathrubhoomi in respect of the loans at Kayamkulam Branch on 30.05.2007. Questioning the proceedings under the SARFEASI Act, the petitioners filed W.P.(C) No.5917 of 2008 before the Kerala High Court and the same was dismissed on 23.06.2008 with liberty to the petitioners to approach the Debts Recovery Tribunal. Thereafter, sale notice in respect of thr
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