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Judgment
Hemant Chandangoudar, J
The petitioners assert to be the tenants of the secured asset belonging to the borrower which was offered as security towards repayment of loan under the registered lease deeds dated 09.02.2024, 01.04.2023 and 06.01.2024.
The petitioners further submits that certain amount was paid towards refundable security deposit, and the borrower taking advantage of the sale of the secured asset is not likely to refund the security deposit.
Learned counsel for the respondent/Bank on instructions submits that the sale has been conducted, and thirty days time is given to the auction purchaser to deposit the balance consideration.
This Court vide order dated 29.07.2024 had directed the respondent No.1/Bank not to disburse excess sale proceeds to respondent Nos.2 till the next date of hearing.
Learned counsel for the respondent-Bank furnishes the details of the sale proceeds received from the auctioning of the secured assets and the balance amount available after deducting outstanding loan amount.
Whether the petitioners are entitled for refund of security deposit is the matter which has to be adjudicated by the jurisdictional Civil Court.
Accordingly, the petition stands disposed of reserving liberty to the petitioners to file a suit before the Jurisdictional Civil Court seeking recovery of security deposit, if entitled.
The respondent No.1/Bank is hereby directed not to disburse the excess sale proceeds to respondent Nos.2 for a period of four weeks from today.