Mokhtar Sidin JCA:

Briefly, the facts of the case are; the appellants are the registered proprietors of the land known as Lot 729, Town Section 11W, North East District, Penang. In 1983, The Central Co-Operative Bank Ltd (CCB) granted a loan to one Mutuerulan s/o Irulandi (after this to be referred to as "the borrower") on the security of the said land by way of a third party charge. The third party charge was executed by the appellants/defendants in favour of CCB under presentation No. 11365/83 Jilid: 278, Folio: 87. The borrower defaulted in the repayment of the loan resulting with CCB issuing a notice of default in Form 16D dated 8 December 1983 to the appellants to remedy the breach within one month which the appellants failed to do. On 12 April 1984, CCB filed an originating summons in the High Court for the sale of the said land. On 24 January 1987, the respondent obtained the order of sale under s. 256 of the National Land Code 1965. The appellants appealed against that order and on 14 September 1987 the appellants' appeal was dismissed. Apparently, after the appeal was dismissed, Bank Negara obtained a court's order for the appointment of a receiver to take care of