ORDER

The petitioner is a bank represented by its authorised officer cum Chief Manager, having its Regional Office in Madurai. One Surulivel and Siva are the co-owners of the property having an extent of 5.27 cents of land in T.S.No.229/2, Iravadhanallaur, Madurai South Taluk, Madurai together with building thereon in D.No.137A/4, Kamarajar Salai Madurai.

2.The said Surulivel and Siva mortgaged the same with the petitioner bank by deposit of their title deeds, which was duly recorded in a memorandum of deposit of title deeds dated 26.08.2015 registered as document No.2885/2015 as security for the loan availed by their partnership firm M/s.Shree Saravana Traders. The amount borrowed by the firm was to the tune of Rs.55,20,00,000/-. Subsequently, the partnership firm redeposited the title deeds by supplemental memorandum of deposit of title deeds dated 14.12.2015 registered as document No.4085/2015 towards security for availing an additional cash credit facility of Rs.8,26,00,000/-.

3.The borrowers not repaid the loans in terms of the agreement and the loan account was declared as Non Performing Asset (NPA) and the petitioner bank initiated SARFAESI proceedings, which led to the auction