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D.N.PATEL, B.B.MANGALMURTI
Auto Engineering through its sole proprietor Sri Jagdish Prasad Saboo – Appellant
Versus
State Bank of India – Respondent
D.N. Patel, J.—This Letters Patent Appeal has been preferred by original respondent nos. 2, 3 and 4 of the writ petition bearing W.P.(C) No. 1736 of 2010. The writ petition was preferred by the present respondent nos. 2 and 3. The writ petition was allowed by the learned Single Judge vide judgment and order dated 10th September, 2014 and hence, original respondent nos. 2, 3 and 4 have preferred the present Letters Patent Appeal.
2. Factual Matrix:
• These appellants (original respondent nos. 2, 3 and 4 in the writ petition bearing W.P.(C) No. 1736 of 2010 had taken loan of sizeable amount from the respondent no.1-State Bank of India against which the immovable property was mortgaged.
• The loan amount was not paid by the appellants-borrowers and hence, mortgage suit was filed by the bank against these appellants bearing Mortgage Suit No. 21 of 1994 in the Court of Sub-Judge-I, Ranchi. The suit was decreed and legally payable amount was found at Rs.13,13,573/- plus interest at the rate of 18.75 per cent per annum.
• Because of new enactment viz. Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as “the Act, 1993” for the sak
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