K. Ravichandrabaabu, J.

1. Company Application No. 41 of 2016 in C.P. No. 413 of 2015, is filed seeking for a direction to the Official Liquidator to hand over the physical possession of the schedule property to the applicant. The case of the applicant is as follows:

(a) The applicant bank has been providing financial assistance from time to time to the second respondent company since 2007 and the original limit sanctioned was Rs. 8 crores. The said financial assistance was periodically renewed, however, by reducing the limit to Rs. 6.77 crores through sanctioned letter dated 14.02.2013. As security for the said facilities, the respondents 4 to 6 herein in the year 2007, had mortgaged their personal immovable properties measuring an extent of 3.26 acres together with building thereon in R.S. Nos. 1439/3, 1440/2 and 1440/3A situate at Veerapandi village, Theni Taluk. The fourth respondent also mortgaged the property measuring 52 cents in S. No. 1440/1B2 situate at Veerapandi village by depositing the original title deeds with the applicant. The said mortgages created by the respondents 4 to 6 were extended by them in favour of the applicant from time to time. The Memorandum of Deposit of Title Deeds dated 17.02.2014 executed in connection with extension of the above said mortgage was duly registered before the Sub Registrar, Theni as Doc. No. 1143/2014. The second respondent company has been operating and carrying its factory activities in the aforesaid mortgaged properties and they were only the personal assets of the respondents 4 to 6 herein. The second respondent company had also hypothecated various machineries by executing deed of hypothecation, last of which was made on 22.03.2013. The above creation of charge over the movable assets was also duly registered before the Registrar of Companies. Therefore, the applicant has exclusive first charge over the above said land and building owned by the respondents 4 to 6 and also on the company's movable assets. The schedule given in the judge's summon are the above referred immovable property and movable assets.

(b) The second respondent company and the mortgagors viz., respondents 4 to 6 committed default in the repayment of the loan. Hence, the applicant was forced to initiate recovery proceedings against the secured assets and the mortgagors. A notice under section 13(2) of the SARFAESI Act was issued by the applicant on 28.02.2014. As they failed to respond, the applicant issued a symbolic possession notice on 28.11.2014, which was affixed on the secured asset and also have been duly published in the newspaper as per the provisions contemplated under the above said Act and Rules. The applicant in order to obtain physical vacant possession of the immovable properties mortgaged, filed an application before the District Magistrate, Theni on 18.05.2015 under Section 14 of the SARFAESI Act and also filed a recovery application before the Debts Recovery Tribunal, Madurai in O.A. No. 142 of 2015, which is pending.

(c) Without considering the above said facts and circumstances, the Official Liquidator has taken the physical possession of the entire secured assets in pursuant to a company petition filed by the third respondent herein, who is unsecured creditor for winding up of the second respondent company. When the applicant received a letter dated 19.11.2015 from the first respondent informing about the order passed by this court on 01.10.2015, appointing the Official Liquidator as the Provisional Liquidator of the second respondent company, a reply was sent on 25.11.2015 to the Official Liquidator informing about the steps taken by the applicant under the provisions of the SARFAESI by also enclosing all the relevant notices issued under those proceedings. However, the Official Liquidator had taken possession of the factory premises of the second respondent on 25.11.2015.

(d) When the subject matter immovable properties and movable properties assets are mortgaged in favour of