JUDGMENT

A.M. Khanwilkar, J.

1. The judgment and order dated 30th August, 2016 of the Division Bench of the High Court of Judicature at Bombay in Writ Petition No.7480 of 2014, is assailed in this appeal, whereby the High Court without formally setting aside the order passed by the Debts Recovery Appellate Tribunal, Mumbai dated 20th November, 2013 in Appeal No.273 of 2013 connected with M.A. No.886 of 2013, disposed of the writ petition with liberty to respondent Nos.5 & 6 (writ petitioners) to approach the competent forum for adjudication of their right, title and interest in respect of a flat/apartment, i.e. Flat No.C-203 on the Second Floor of Blue Heaven Apartment, C-Wing, Rebellow Road, Bandra (West), Mumbai, which was mortgaged to the appellant Bank by the directors of respondent No.1 Company by way of an equitable mortgage.

2. The Debts Recovery Tribunal (“DRT”) as well as the Debts Recovery Appellate Tribunal (“DRAT”) after examining the plea taken by respondent Nos.5 and 6 came to hold that the document styled as Memorandum of Understanding dated 13th March, 2011, relied upon by respondent Nos.5 and 6, was subsequently created after the equitable mortgage and moreso it wa