Legal Question in Banking Law in India

Writ Petition

I had filed a Writ Petition against a Bank challenging applicability of the SARFAESI Act on the following points of law:

a. Whether the respondent Bank can proceed under the provisions of SARFAESI Act, 2002 without creating any Security Interest by deposit of title Deeds in respect of the concerned property?

b. Whether the respondent Bank can disburse the loan amount to the Promoter without creating any Equitable Mortgage and / or Security Interest by deposit of title Deeds in respect of the concerned property?

c. Whether provisions of the SARFAESI Act, 2002 can be enforced where the Borrowers are willing to repay their loan in full but the respondent bank is not in a position to hand over the original title deeds of the concerned property to the Borrowers on loan repayment?

On 24/08/2007, the Calcutta High Court had passed an Interim Order keeping the maintainability of the writ open. It was also stated that further action of the Bank should abide by the result of our writ application. The bank was also directed to file an 'affidavit-in-opposition' by 21/09/2007. In good faith, we had temporarily handed over our property but the bank is neither filing an affidavit nor returning our house. What can we do now?

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