with the borrower. Admittedly, the original documents of title in respect of the residential flat were with the First Respondent and the Petitioners purportedly relied upon an attested true copy issued by the Sub-Registrar’s office of the title document without the production of the originals. Be that as it may, Section 13(13) of the Securitisation Act provides that no borrower shall after receipt of a notice under sub section (2) of Section 13, transfer by way of sale, lease or otherwise, (other than in ordinary course of his business) any of his secured assets referred to in the notice, without the prior written consent of the secured creditor. The Petitioners have been held not to be a bonafide purchaser for value without notice. The Petitioners sought to place reliance on a certificate issued by the concerned police station on 19 April 2009 to the effect that the borrower had lost the title documents of the flat. The Tribunal was justified in coming to the conclusion that having regard to the provisions of Section 13(13), no valid right, title or interest would enure to the benefit of the Petitioners. The First Respondent has a valid pre-existing claim based on a mortgage by deposit of title deeds against credit facilities granted to the borrower.
