ELIPE DHARMARAO, J.

One M/s.Adhilakshmi Oils Private Limited has availed financial assistance from the petitioner Bank by way of a term loan facility to the tune of Rs.498.76 lakhs, by creating a mortgage over the property in R.S.Nos.322/A, 322/2B, 322/3 of Thirumangalam Usalia Road, Thummakundu Village, Usilampatti Taluk, Madurai District, measuring an extent of 11.90 acres together with superstructures, factory and building by depositing the title deeds in favour of the petitioner/Bank. Thereafter, the said borrower company defaulted in repayment of the loan, leading to initiation of the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short SARFAESI Act) by the Bank as against the borrower company.

.2. Pursuant thereo, the petitioner Bank had brought the above said property for sale on as is where is and what is where is basis by and the respondent approached the petitioner Bank by his letter dated 29. 2008 to purchase the said property and the petitioner Bank by their letter dated 310. 2008 has accepted the said offer of the respondent and agreed to sell the property under private treaty.