D. Murugesan, J.

1. The parties are referred to as per the cause title in O.A. No.315/2004.

The averments in brief that led to the present reference are as follows:

The first respondent viz., The State Bank of Hyderabad, Indira Nagar Branch, Madras had filed C.S. No.993/1993 before this Court for a judgment and decree against the defendants 1 to 13 therein including the 2nd and 3rd respondents herein jointly and severally to pay to the plaintiff a sum of Rs.2,95,05,577/- together with interest at the rate of 24.05% p.a. from the date of plaint, till the date of realisation and other reliefs. The Suit was filed on the ground that the first respondent sanctioned over draft facility to a limit of Rs.200 lakhs to the defendants 1 to 4 for construction of residential flats at Virugambakkam, Madras. The terms of sanctions were subject to various conditions specified therein denoting disbursement of loan in various stages, inter alia , the loan was to be secured by collateral security by various equitable mortages including the equitable mortgage of landed property bearing S.F. No.218 situate at Virugambakkam, Madras measuring 83394 sq.ft. belonging to Mrs. Deepa Udayakumar, Miss