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2010 Supreme(Mad) 5146

VINOD K.SHARMA, D.MURUGESAN
S. Suhaina Banu – Appellant
Versus
Indian Bank rep. by its Chief Manager & Authorised Officer – Respondent


Advocates Appeared:
For the Petitioners:K. Subramaniam, Senior Counsel for A.M. Venkatakrishnan, Advocates.
For the Respondent:R1 - V. Lakshminarayanan, R7 - T. Karthikeyan, Advocates.

Judgment :-

D. MURUGESAN, J.

1. This writ petition questions the proceedings initiated by the respondent-Indian Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, "the SARFAESI Act") against the legal heirs of the deceased-guarantor by name Mrs.A.Zoharalal. It is the case of the petitioners that the respondents 3 to 5 had availed credit facility to the tune of Rs.75 lakhs from the respondent-Bank by offering the subject property of the deceased-guarantor as security. As the borrowers defaulted in repayment, the respondent-Bank initiated proceedings under the SARFAESI Act and issued the notice dated 20.9.2008 under Section 13(2) to both the guarantors and the same were served. Subsequently, the mother of the petitioners Mrs.A.Zoharalal died on 23.11.2008. As the demand was not complied with by her in a period of sixty days, the respondent-Bank proceeded further by affixing the notice dated 5.2.2009 issued under Section 13(4) in the property. That notice was issued showing the name of the deceased as the owner of the property and not in the name of the petitioners herein. Thereafter, the re





















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