JUDGMENT

Dated this the 30^th day of June, 2023

The petitioner is a banking company as defined under Section 5(c) of the Banking Regulation Act, 1949 and one among the scheduled banks listed under the 2nd schedule to the Reserve Bank of India Act, 1934. The 4^th respondent availed a housing loan of Rs.35,00,000/- from the petitioner on 11.02.2011, for purchasing a residential apartment under construction together with undivided share in the land on which the apartment building is being constructed. As security for the loan, the fourth respondent mortgaged, by deposit of his title deeds, the apartment and the undivided share. The mortgage was created on 04.02.2011 and the original title deeds were deposited on 02.01.2012.

The mortgage was registered in the portal of the Central Registry of Securitisation, Asset Reconstruction and Security Interest of India (CERSAI) on 29.09.2012. The fourth respondent having defaulted repayment, the petitioner was contemplating recovery measures. While so, the first respondent, Securities and Exchange Board of India (SEBI), received a reference from the National Housing Board, alleging that a Company by name Kerala Housing Finance Limited (KHFL) had rais