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M. R. SHAH, B. V. NAGARATHNA
SRS Advertising & Marketing Pvt. Ltd. – Appellant
Versus
Kamal Garg – Respondent
JUDGMENT
M.R. Shah, J.
Feeling aggrieved and dissatisifed with the impugned judgment and order dated 22.11.2021 passed by the High Court of Delhi in Writ Petition (Civil) No. 12530 of 2021 and in Review Petition No. 197 of 2021, the original Respondent No. 2 has preferred the present appeals.
2. That Respondent No.1 herein - original writ petitioner was the auction purchaser, who purchased the properties which were auctioned in pursuance of Recovery Certificate No.6/2016 which was in favour of the Corporation Bank (now merged with the Union Bank of India) for a sum of Rs.85 lakhs. The reserved price of the properties was fixed at Rs.54 lakhs. Respondent No. 1 - original writ petitioner made the highest bid of Rs.85 lakhs. After making the said bid and after making the earnest money deposit to the tune of Rs.21,25,000/- (being 25% of the bid price) Respondent no.1 - the original writ petitioner moved an application before the Recovery Officer seeking some clarity in the matter. The same was replied to by the Bank. However, thereafter the Recovery Officer dismissed the application of the petitioner on 28.11.2019 and forfeited 10% of the amount deposited by him.
2.1 Aggrieved by the order
Auction Sale of Property – High Court cannot usurp appellate jurisdiction of DRAT.
(1) Auction sale of mortgaged property – Objective of recovery proceedings is not merely to complete sale but to realise maximum value of secured asset so as to balance interests of creditor and borr....
The central legal point established in the judgment is the abuse of writ jurisdiction by the borrowers and the consequences of their actions on the auction-purchaser and the Recovery Officer, leading....
Borrower must be informed about date of auction of secured asset.
The main legal point established in the judgment is that the Recovery Officer should not proceed with the execution of the recovery certificate after a stay has been granted by a superior court, and ....
The main legal point established in the judgment is that the court upheld the validity of the auction proceedings and the entitlement to refund of the purchase price with interest, while rejecting th....
The judgment emphasizes the finality of sale transactions, the need to balance the interests of defaulters and creditors, and the importance of following the statutory provisions for challenging the ....
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