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IN THE HIGH COURT OF JUDICATURE AT MADRAS
D.KRISHNAKUMAR, P.B.BALAJI
Housing and Urban Development Corporation Limited (HUDCO) – Appellant
Versus
Syamjee Jagadees – Respondent
ORDER :
P.B. BALAJI, J.
The Revision has been preferred by the petitioner, aggrieved by the order dated 09.07.2024 in M.A. No.35 of 2023 on the file of the Debt Recovery Appellate Tribunal, Chennai.
2. We have heard Mr.A.Arokia Satheesh, learned counsel for the Revision Petitioner and Mr.V.Prakash, learned Senior Counsel appearing for Mr.P.Chandrasekharan, learned counsel for the respondents.
3. The learned counsel for the Revision Petitioner would submit that the Revision Petitioner is the Applicant in O.A.No.801 of 2014 before the Debt Recovery Tribunal (DRT)- 1, Karnataka at Bangalore, which has been filed for recovery of Rs.76,37,741/- against M/s.Spectrum Realtors and its partners who are defendants 1 to 5 in the said proceedings. Defendants 6 to 33 are purchasers of Flats, Residential Apartments constructed in and over the mortgaged property, who proceeded to acquire interest in the said property, without obtaining NOC from the appellant.
4. The learned counsel for the Revision Petitioner would submit that at the time of development of the property, a project loan was granted to the borrower on the strength of the mortgaged property. Further, the specific case of the Revision Peti
A mortgage is indivisible, but a mortgagee may choose not to include certain purchasers in proceedings, affirming dominus litis principle.
There is no provision in Civil Procedure Code, governing procedure for impleading subsequent purchasers at the stage of execution proceedings – In such an event, inherent powers of court under Sectio....
The court affirmed the validity of a mortgage auction, emphasizing banks' rights over secured properties despite challenges from subsequent purchasers and procedural compliance in auction processes.
A mortgage created in violation of the terms of a prior mortgage is voidable, and the first charge holder's rights must be protected against subsequent encumbrances.
(1) Equity of redemption means a right to redeem property based upon equitable principles. Right of redemption recognised under the Act is a statutory and legal right which cannot be extinguished.(2)....
A mortgage created in violation of the terms of a prior mortgage is void in law, and the court has jurisdiction to declare such mortgages void to prevent serious injury to the first charge holder.
Point of law: Proceedings initiated by Recovery Officer to bring properties in question to sale are in consonance with provisions of Second Schedule to Income Tax Act, 1961.
The right of a mortgagor to redeem is legally upheld, and purchasing a share by mortgagees does not extinguish the mortgage right.
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