(1.) This is an application for ad-interim injunction filed in C. S. No. 322 of 1954.
(2.) The facts are: The Plaintiff v. Narasimhachariar is a retired Assistant Secretary of the Government of Madras. The Defendant is a well known credit institution of this City with many branches viz. the Egmore Benefit Society, 3rd Branch Limited. The Society is run On the principles of a Nidhi or Permanent Fund viz. takes deposits and lends out moneys on first mortgages, jwellery etc. In fact but for such credit institutions the industrial and commercial life of this city will not be able to progress. The plaintiff executed a mortgage in respect of his houses No. 33 Gengu Reddi Road & No. 64 Egmore High Road, in favour of the defendant Society for Rs. 32.000/- payable With interest at 71/2 per cent per annum. This amount was borrowed to pay off a prior mortgage of 1947 executed in favour of one Thaiyanayagi Ammal. This loan was a special loan under the bye-laws of this Society repayable within one year viz. on or before 6-12-1951. The mortgage deed expressly conferred upon the mortgagee the power of sale as specified in Section 69. Transfer, of Property Act. Inasmuch as the Plaintiff was paying regularly interest till June 1952 the Society did not attempt to recall the loan. The plaintiff defaulted from June 1952 and after he had done so for three months statutory notice of sale as per Section 69, Transfer of property Act was issued by the defendant Society to the plaintiff on 14-10-1952. When the period of three months of the said notice expired in January. 1953, the plaintiff paid Rs. 1000/-towards the accumulated arrears in February 1953 and promised to clear off the arrears of interest and the principal amount within a short time. This promise was not kept up and therefore the defendant Society Issued a second statutory notice as per Section 69, Transfer of Property Act on 21-9-1953. On the expiry of the three months the defendant Society on 7-1-1954 intimated to the plaintiff that 17-3-1954 had been fixed for sale of the mortgaged properties and the date was so fixed so that even before the properties were actually sold the plaintiff could pay the mortgage money and save the properties. Then the plaintiff put up some propositions for the defendant Society to collect the rent and credit the same towards its loan. These propositions were accepted & the defendant Society states that the plaintiff has double-crossed it and it had not been able to collect any rent, On the date fixed for sale 17-3-1954 on the application: of the plaintiff the Society adjourned the sale to 19-6-1954. This was to enable the plaintiff to pay up as he desired without prejudice to the statutory notice of sale dated 21-9-1953. But inasmuch as the plaintiff did not stick up to his undertaking and interest was accumulating, the properties were put up for sale on 19-6-1954, There were no bidders and the sale was adjourned to 24-7-1954. . There was very wide advertisement of the sale by circulations of auction catalogues and publication in the well-known dailies "The Hindu" and "Indian Express". The plaintiff thereupon rushed to the City Civil Court and filed O. S. 1198 of 1954 and obtained an interim injunction on the eve of the sale. This was contested by the defendant Society on notice being served upon them. Seeing that the sale could not be averted the plaintiff proposed certain terms & this was accepted by the defendant Society. The consent contained the following terms:
(3.) The points which arise for consideration are (a) whether S, 69, Transfer of Property Act offends the equal potection of law guaranteed under Article 14 of the Constitution; (b) whether it offends Article 19(1)(f) of the Constitution guaranteeing the right to all citizens to acquire, hold and dispose of property; and (c) whether the plaintiff is entitled to the benefits of Madras Act 5 of 1954.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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