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The Tribunal noted that PSB had even been forewarned about potential fraud but proceeded with the loan
![Equitable Mortgage Requires Original Title Deeds, Not Copies: DRAT Upholds CSB’s Prior Charge, Sets Aside Punjab & Sind Bank’s SARFAESI Sale [Read Order]](https://www.taxscan.in/_img?w=640&u=https%3A%2F%2Fdocuments.taxscan.in%2Fimages%2F2025%2F1437359-cover-2105132-drat-sarfaesi-punjab-and-sind-bank-taxscan.webp)
The Debt Recovery Appellate Tribunal (DRAT), Chennai, has dismissed appeals filed by Punjab & Sind Bank (PSB) and an auction purchaser, upholding a prior mortgage held by Catholic Syrian Bank(CSB) and setting aside a SARFAESI sale conducted by Punjab & Sind Bank.
The dispute originated from competing claims over the same property by two banks, which had extended loans to M/s. Supreme Chemiplast Pipings Pvt. Ltd. The Catholic Syrian Bank (CSB) claimed its mortgage, created in 1994 with the original title deeds, was prior in time. Punjab & Sind Bank (PSB) later initiated SARFAESI proceedings in 2007 and sold the property to T.N. Rajakumar. Subsequently, CSB, through its DRT proceedings, attached and sold the same property to S. Ramakrishnan, leading to conflicting claims.
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