COMMON ORDER

(Order of the Court was made by T.S.SIVAGNANAM,J.)

Heard Mr.M.Saravanan, learned counsel appearing for the petitioners, Mr.N.Dilip Kumar learned Standing counsel appearing for the respondents 2 to 6.

2.All these writ petitions have been filed by the borrowers of housing loan from the erst-while State Bank of Trivancore, Trichirapalli Branch, for the project which was developed by the seventh respondent, Mr.Suresh Thirumalai, Proprietor, Sri Aditya Builders.

3.The petitioners have alleged fraud said to have been taken place as the then Chief Manager of the erst-while State Bank of Trivancore, (hereinafter referred to as "SBT" ) who has been impleaded in the personal capacity as eighth respondent, colluded with the seventh respondent and funds were released to the seventh respondent in full, even prior to the completion of the project. The net result was all the petitioners did not service the loan account as a result they became defaulters. Obviously, the SBT had to initiate action and thereafter, proceeded under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as “the SARFAES