JUDGMENT

V. Ramasubramanian, J.

Asset Reconstruction Company (India) Limited, to whom the Indian Bank assigned the loans and the underlying security of a particular borrower, has come up with the above appeals challenging the judgment of the Division Bench of the High Court of Judicature at Madras, reversing the judgment of a learned Single Judge of the Court, by which the learned Single Judge held the registration of a sale-deed by the Registering Authority to be null and void.

2. We have heard Mr. Guru Krishna Kumar and Mr. Nakul Devan, learned senior counsel for the appellant, and Mr. Shyam Divan, Mr. Atul Nanda and Mr. Mukul Rohatgi, learned senior counsel appearing for the contesting respondents.

3. The brief facts necessary for the disposal of the appeals can be summarised as follows :-

(i) In the year 1992, the Indian Bank sanctioned financial facilities to M.V.R. Group of Industries. According to the Indian Bank, the borrower offered the immovable property covered by the document now in dispute, as collateral security and a mortgage by deposit of title deeds is said to have been created way back in the year 1995-96;

(ii) Alleging that the borrower defaulted in repayment of the