This

writ

petition

by

the

borrowers

and

guarantors is filed challenging inter alia, the order

dated March 13, 2020, passed by DRAT¹, Chennai.

2.

Petitioners have taken Housing loan of

Rs.8.30 Crores and defaulted in repayment. Bank

initiated action under Section 14 of the SARFAESI²

Act. Petitioners challenged the same before DRT in SA

No.226/2016. It was disposed of on June 30, 2016,

on the basis of a Memo of Undertaking filed by the

petitioners agreeing to pay Rs.85 Lakhs in three

installments but did not make any payment. The Bank

took possession of the property on September 26,

2016 after obtaining order from the Magistrate.

1 Debts Recovery Appellate Tribunal

2 Securitisation and Reconstruction of Financial Assets

and Enforcement of Security Interest Act, 2002

4

Petitioners challenged the said order before the DRT in

SA No. 564/2016. The DRT set-aside the order

passed by the learned Magistrate on the ground that

he had no power to pass the order and directed re-

delivery of possession.

3.

The respondent Bank challenged DRT's

order before DRAT. By the impugned order, the DRAT

while affirming the order passed by the DRT has

directed re-delivery subject to