MEERA MURTY Vs. KARNATAKA BANK
LAWS(DR)-2004-2-3
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on February 19,2004

Appellant
VERSUS
Respondents

JUDGEMENT

A.Subbulakshmy, - (1.) D5 is the appellant. D5 has come forward with this appeal to set aside the Order of DRT dated 26.12.2001 in OA 960/1996 and to declare that the appellant's flat in the undivided share of land measuring 1.26% of the mortgaged property and the Flat No. 310, Ramya Residency, Nos. 648/N and 648/0, Indira Nagar, Bangalore be released and it cannot be sold and also to exclude this property from the Recovery Certificate.
(2.) The PO, DRT has found that from the evidence of D5, it is clear that she is unable to establish the title to her property concerned and whether D5 actually purchased this property or not is a question which is not established by her and D5 has not showed the title to the property in question. The Counsel for the appellant relies upon the letter issued by the Karnataka Bank Ltd. The Karnataka Bank issued loan to M/s. Ramya Housing Ltd. D1 for promotion of flats. From the Ramya Housing Ltd. the appellant has purchased one flat to the extent of 1.26% of the property in Nos. 648/N and 648/0, Indira Nagar, Bangalore.
(3.) IT appears from the records that she has paid the entire amount of Rs. 2,01,600/-towards the credit of her loan. Appellant has paid this amount through D1. The letter issued by the Karnataka Bank dated 23.3.1993 reveals that the appellant has paid a sum of Rs. 2,01,600/- only for the credit of her loan towards the repayment of the principal under the loan and so the Karnataka Bank thereby released their mortgaged interest to the extent of 1.26% of the property in Nos. 648/N and 648/O, Indira Nagar, Banglore and they have no objection to sell the same to Ms. Meera Murty the appellant. Anyway, the remaining portion of the land and the building thereon continued to be mortgaged in favour of their Bank. IT appears from this letter that the Karnataka Bank has no objection for sale of the property in favour of the appellant and the appellant has also paid the entire amount towards her share of the property i.e. to the extent of 1.26% of property in Nos. 648/N and 648/0, Indira Nagar, Bangalore for a sum of Rs. 2,01,600/-. As per this letter, the Karnataka Bank itself has no objection and released its mortgaged interest in respect of this extent of 1.26% of the property. Since no sale deed was executed in her favour as requested by her, the appellant filed Civil Suit for specific performance and obtained decree and as per the direction of the Court, the sale deed was not executed by Ramya Housing Ltd. D1 and the Court itself executed the sale deed in her favour on 26.5.1999. Xerox copy of the sale deed is also produced and perused. These documents reveals that the title deed has been issued in favour of the appellant and the Karnataka Bank has also no objection to release its mortgaged interest to the extent of 1.26% of the property. The documents clearly reveal that the appellant has got title to the property and the Bank has no interest over the extent sold to the appellant.;


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