D.MURUGESAN, J. 1. The petitioner is the absolute owner of the property situate at No.114-117, Old Mahabalipuram Road, Sholinganallur Village, Chennai, admeasuring to an extent of 26154 sq. ft. and a building with ground and first floor each measuring an extent of 1274 sq.ft. and 783 sq.ft. comprised in re-survey No.493/2, lying within the Sub Registration District of Saidapet. He was formally one of the Directors of Vemasi Chemicals Private Limited at Ambattur. The said company availed a loan from the Standard Chartered Bank, Chennai, for a sum of Rs.40 lakhs on 30.12.2003. The said loan amount carried interest at the rate of 11.5% p.a. repayable in 84 equated monthly instalments ending on December, 2010. The petitioner had given his property documents as collateral security for the said loan. Thereafter, once again, the company availed loan from the very same bank for a further sum of Rs.50 lakhs on 29. 2004 repayable in 84 equal monthly instalments ending on September, 2011. 2. The petitioner was relieved from the company on 17. 2006 and thereafter, the other Directors were looking after the affairs of the company. According to the petitioner, the other Directors promis