SATISH K. AGNIHOTRI, J.

Assailing the order dated 11 September 2014 rendered by the Debts Recovery Appellate Tribunal, Chennai, in R.A. (SA) No.43 of 2014, the auction purchaser of the secured asset has preferred the writ petition being W.P.No.26633 of 2014 and the secured creditor, viz., Indian Bank, has preferred the writ petition being W.P. No.32208 of 2014. Since the order under assail in both these writ petitions are one and the same, both the writ petitions are considered and decided by this common order.

2.1 The facts in a nutshell, as projected by the petitioner bank are that N.K. Arumugham (now deceased), V. Sathish Raj and R. Nandagopal, Partners of Yelagiri Dairy Farm, availed a term loan of Rs.17 lakhs in the year 1989 to set up a dairy farm in Peddakallupalli Village, Vaniyambadi, on mortgaging the land admeasuring 6.10 acres in S. No.203/2,3,4,5 and 202/1A in the said village. The property was mortgaged through the attorney holder viz., N.K. Arumugham, who was appointed as the Power of Attorney vide a Power of Attorney deed executed on 26 October 1988, authorising him to mortgage or sell the property or construct building thereon. The said dairy farm discontinued to make repayment of the loan and as such, the petitioner bank filed a civil suit being O.S. No.437 of 1995 on the file of the Sub-Court, Thirupathur, for recovery of a sum of Rs.31,00,238/- as outstanding as on that date, with interest and costs from the principal borrower, viz., Yelagiri Dairy Farm, its Partners and guarantors, including the first respondent, viz., Pappireddiar. On creation of the Debts Recovery Tribunal, the said suit was transferred from the file of the Sub-Court, Tirupattur, to the file of the Debts Recovery Tribunal-I, Chennai and re-numbered as T.A. No.1755 of 1997 and later re-numbered as T.A. No.93 of 2007 on the file of the Debts Recovery Tribunal-III, Chennai, under the provisions of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (for brevity “the RDDBFI Act”). In the said pending case, an order was passed on 11 June 2010 in the following terms:

“a. The applicant bank is entitled for a recovery certificate as against the defendants No.1 to 6 and 8 to 12 for recovery of a sum of Rs.31,00,238/- (Rupees Thirty one lakhs two hundred and thirty eight only) together with interest @ 9% (simple) per annum on the claim amount adjudged from the date of filing of this application till the date of realisation and the costs of the OA.

b. It is further ordered that, in case of default of payment of the amounts adjudged by the defendants, the applicant bank is at liberty to get sold the OA schedule mentioned properties, i.e., Schedule 'A' to 'D' offered by D-5, 6 & 8 in execution of Recovery Certificate and to adjust the sale proceeds thereof towards the amounts due in the claim.

c. If the sale proceeds are not found sufficient, after defraying the expenses of such sale for payment of the amount adjudged, the defendants No.2 to 6 and D-8 are personally liable for such deficiency until realisation. However, the liability of D-9 to D-12 is restricted to the value of the estates, if any, inherited by them from deceased D-7.

d. It is further ordered that any amount remitted by the defendants or realised by the applicant bank during the pendency of this OA, shall be given due credit to the claim amount adjudged.

e. The Schedule of properties in the OA shall form part of this order.”

Besides, a direction was given to prepare the Recovery Certificate.

2.2 Accordingly, Recovery Certificate for a sum of Rs.74,31,233.14 was issued on 10 February 2011. Assailing the order dated 11 June 2010 passed by the Debts Recovery Tribunal-III in TA No.93 of 2007, the partnership firm, viz., Yelagiri Dairy Farm, N.K. Arumugham, his wife Santha and Pappi Reddiar, the first respondent herein, preferred an appeal before the Debts Recovery Appellate Tribunal in R.A. No.120 of 2011, which is still pending consideration.

2.3 The Securitisation and