S.Manikumar, J.

Instant writ petition has been filed under Article 226 of the Constitution of India, for a writ of certiorari, calling for the records pertaining to the order dt.07.08.2018 made in I.A. No.530 of 2018 in M.A. No.43 of 2018 on the file of DRAT, quash the same and consequently, allow the application, granting the reliefs, as prayed for in IA No.530 of 2018 in M.A. No.43 of 2018 on the file of Debts Recovery Appellate Tribunal, Chennai.

2. Short facts leading to the filing of the writ petition are that the first respondent M/s. Aascar Films (P) Limited, has availed two loans to the tune of Rs. 60,00,000/- for production of movie titled "I" both in Tamil and Hindi and Manoharudu in Telugu, from Cathedral Branch of Indian Overseas Bank. Loan was availed on 22.09.2012. The said loan amount was repayable in one single payment within 18 months from the date of availment or from the date of release, whichever is earlier.

3. The first respondent also availed cash credit limit of Rs. 10,00,00,000/- towards working capital limit and term loan of Rs. 30,00,00,000/- to meet the production cost of the movie titled 'Boologam' from Sriram Nagar branch of the said bank. The term loan of Rs. 30,00,00,000/- was to be repayable in one single bullet payment within 18 months from the date of availment i.e. 31.12.2011 or date of release whichever is earlier.

4. Bank has further contended that as regards the term loans in question, the cinematography movies under production are the prime securities. The lien over the negatives of the said movies (known as negative rights in the business circle) titled " I " in Tamil and Hindi and "Manoharudu" in Telugu and also the movie titled Boologam are with the bank. The first respondent assigned all the copyrights of the said movies under production in favour of the petitioner. By entering into a tri-partite agreement with the petitioner and Reliance Media Works Ltd/5th respondent herein, the first respondent agreed and undertook to entrust the negatives, raw print and the prints of the movies under production for processing and other related works to the said respondent, and the said laboratory agreed and undertook to hold in is possession and control the negatives, etc. all rights of screening for public viewing either domestic or overseas etc. vest with the bank.

5. The loans are secured by mortgagors four immovable properties belonging to the first respondent and its guarantors and the movies referred to above are the prime securities to the loan and the immovable properties are collateral securities.

6. Bank has further contended that in breach of the agreement and without paying the dues to the bank, the first respondent fraudulently released the movie titled " I " in Tamil and Hindi and Manoharudu in Telugu for public viewing on 14.01.2015. The first respondent also sold the satellite rights, audio rights, overseas rights, Hindu and Telugu version rights etc. and the amounts realised were not credited to the loan account. The amounts paid by the distributors had been siphoned by the 1st respondent. Thus the 1st respondent diluted the prime asset given as security for the Term loan of Rs. 60,00,00,000/- availed from petitioner's Cathedral Road branch. Therefore, bank has invoked the provisions of RDBI Act and filed O.A. No.235 of 2015 before DRT-II, Chennai praying for recovery of Rs. 59,84,99,048/- as on 13.01.2015 and also prayed for an interim order of injunction restraining the 1st respondent and for other reliefs.

7. In the said Original Application, bank has filed three interlocutory applications viz. (a) I.A. No.402 of 2017 under Section 19(3-A)(c) of the Recovery of Debts and Bankruptcy Act 1993, to direct the respondents 1 to 4 and 6 therein, to disclose the details of their assets and particulars of other properties owned by them; (b) I.A.No.403 of 2017 under Section19(13-A) and (B) of the Recovery of Debts and Bankruptcy Act 1993, to issue notice to the respondents to furnish