ORDER:

(per the Hon’ble the Chief Justice Alok Aradhe)

Ms. B. Shailaja, learned counsel appears for Ms. K. Udaya Sri, learned counsel for the petitioners.

Mr. A. Krishnam Raju, learned Standing Counsel for State Bank of Hyderabad appears for respondent No.3.

2. In this Writ Petition, the petitioners have assailed the validity of the order dated 25.05.2005 passed by the Debts Recovery Tribunal, Hyderabad, in O.A.No.225 of 2003, as well as the order dated 31.01.2007 passed by the Debts Recovery Appellate Tribunal, Chennai, dismissing R.A.No.41 of 2006 preferred by the petitioners.

3. Facts giving rise to filing of this Writ Petition briefly stated are that the petitioners obtained a loan of Rs.3,50,000/- from respondent No.3 - State Bank of India, Hyderabad (hereinafter referred to as ‘the Bank’), for construction of a cinema talkies. The petitioners secured the amount of loan by creating an equitable mortgage in respect of the schedule properties. The petitioners could not repay the amount of loan. Thereupon, the Bank was constrained to file a suit, namely, O.S.No.25 of 1990 before the learned Senior Civil Judge, Sattupalli, for recovery of a sum of Rs.5,93,264/-.

4. In the aforesaid civ