Elipe Dharmarao, J.

1. The first petitioner company is a builder and with a view to develop a housing project in the lands measuring about 78 cents at S. No. 166/3B3, Kovilambakkam Panchayat, Tambaram Taluk, Chennai, the petitioners have approached the first respondent Bank and obtained a project loan of Rs. 40 lakhs on 12.8.1995 for the construction and as security for the loan, the land owners S. Lakshmanan and S. Ramachandran have deposited the title deeds of the property with the first respondent Bank. The project site has been named as 'Sathya Gardens' and the cost of the total project was Rs. 1.50 crores, even though it was shown as Rs. 88.34 lakhs in the loan proposal submitted to the first respondent Bank. Thereafter, as per the petitioners, since the Tamil Nadu Slum Clearance Board sought to acquire the lands immediately abutting the land which was being developed by them, the proposed purchasers panicked and stopped making the payment towards the purchase of flats and hence the project came to a standstill. Since the petitioners failed to repay the loan amount, the first respondent Bank instituted a suit in C.S. No. 230 of 1998 on the original side of this Court, seek