The second respondent and his two brothers availed loan from Canara bank mortgaging Ac.3058.88 sq.yards in RS.No.195/33, Bapulapadu Village, near Hanuman Junction, Krishna District. The second respondent claims to have 1/3rd (821 sq.yards) share in the said land. When the repayment of the loan became irregular, the authorized officer of the bank issued demand and possession notice under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity ‘the Act’) and ultimately sale notice dated 28.2.2012 was issued. In the meanwhile, the petitioner herein who is a third party to the loan transaction, purchased 821 sq.yards of land (undivided share of second respondent) under an agreement of sale dated 25.4.2011 for a total consideration of Rs.44 lakhs. Allegedly, he also paid some advance to the second respondent. At the stage of auction, he represented to the first respondent to deposit the amounts in Fixed Deposit Receipts (FDRs) for Rs.20 lakhs. He is also ready to pay the balance amount of sale consideration in the bank towards part discharge of the loan amount, in vain. Hence, this writ petition praying for a direction to the first respondent to receive the balance amount. He also prayed for interim stay of sale of 821 sq.yards.
