to them to redevelop the said property and construct a new building in place of the old, and to provide a permanent alternate accommodation for existing occupants. Thereafter, on 29.10.2013, the Society entered into a supplemental Development agreement providing that nominee members of the first Applicant who owned twelve out of eighteen flats intended to be constructed. A No Objection Certificate was also issued by the Society to obtain a loan from any nationalized bank against the securities of the land and that of the proposed building to be constructed consisting of flats, and shops on all premises. There was also a stipulation in the agreement that in case of members intend to sell the allotment or earmarked permanent alternate accommodation to any third party, the subject sale shall be routed through Escrow Account opened with Respondent i.e. Bank of Baroda. On 26.12.2013, the Society passed a resolution to mortgage the land and building thereon to the Respondent Bank. The very next day various credit facilities were sanctioned by Bank and Mortgage Deed was executed, the mortgaged property is Flat No. 701, Kamla Heritage, Plot No. 124, Gulmohar Cross Road No. 10, JVPD Scheme, Mumbai, and a plot of land bearing CTS Nos. F/111 and F/115 of Bandra Village referred to earlier. The Escrow Agreement was also subsequently executed between Borrower and Creditor.
