R. Banumathi, J.

This appeal arises out of the order dated 02.12.2010 in A.No.5359 of 2010 in C.S.No.447 of 2008 whereby the learned Judge dismissed the application filed under Sec.5 of Limitation Act and declining to condone the delay of 315 days in filing the application to set aside the exparte decree. Defendants are the Appellants herein.

2. Brief facts are that Appellants are the owner of the land and building in Plot No.1, Door No.10, 1st Main Road, Jai Nagar, Arumbakkam, Chennai-600 106 measuring 2397 sq. ft. consisting of Ground Floor, First Floor and Second Floor.

3. On 11.10.1994, Appellants borrowed a loan of Rs.6,00,000/- from Muthialpet Benefit Fund Limited under mortgage and created a registered mortgage in respect of the above said property infavour of Muthialpet Benefit Fund Limited by a deed of mortagage on 11.10.1994 under Doc.No.2798 of 1994. Appellants did not adhere to the repayment schedule and committed default in paying the loan. In exercise of powers under Sec.69- A of Transfer of Property Act, the property was sold in public auction on 24.1.2008. In the said public auction, Respondent-S.Suresh became the highest bidder and sale deed dated 06.2.2008