Balakrishna Ayyar, J.-The property which forms the subject-matter of these proceedings is a building on Macdonald’s Road, Tiruchirappalli Cantonment. A limited liability company, called the Tiruchinopoly Automobiles, Ltd., owned that building and was doing its business there. The Vasudeva Funds, Ltd., a banking concern in Tiruchirappalli, lent Rs.50,000 to the Automobiles, Ltd. The date when the loan was made was not mentioned to us but it must have been some time prior to April, 1948. In that month, the Indian Bank, Ltd., lent a sum of Rs.1,00,000 to the Automobiles, Ltd., on the mortgage of this and other properties. The Indian Bank sued on the mortgage in its favour, and, on 12th December, 1950, obtained a decree for Rs.1,05,000 and odd. On 28th September, 1951, the Vasudeva Funds obtained a decree for Rs.49,000 and odd. Sometime before 2nd December, 1953, here too the date was not mentioned to us, the Indian Bank filed an execution petition for the sale of the hypotheca. While that execution petition was pending, the Vasudeva Funds brought the property to sale and at a Court sale held on 21st December, 1953, it purchased the property for Rs.11,005. This purchase was, of course,

Click Here to Read the rest of this document