Calling in question the action of respondent No.1 in

forfeiting a sum of Rs.24.10 lakhs deposited by him,

petitioner is seeking direction to refund the same with

interest thereon at 18% p.a., in this writ petition.

It is the case of the petitioner that one

Sri.Jignesh N. Patel was the owner of immovable property

bearing No.9/1, Old No.5, Khatha No.30/A of Nayandahalli,

Mysore

Road,

Bengaluru.

He

obtained

loan

from

respondent No.1-State Bank of Mysore (which has now

3

been merged with State Bank of India) for his business

purposes and by way of security he created mortgage on

the aforementioned property at Nayandahalli, Mysore Road,

Bengaluru. The loan having remained outstanding,

respondent

No.1

initiated

proceedings

under

the

Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002 (for short

‘SARFAESI Act’) and took over possession of the mortgaged

property. The property was brought to sale for the

recovery of outstanding loan and respondent No.1 issued a

newspaper publication dated 15.10.2010 (as per Annexure-

A). The petitioner having noticed the same, deposited the

EMD of Rs.5,63,500/- in terms of Annexure-A and

submitted his seal