Sanjay Kumar, J.

Order dated 11.06.2009 passed by the Debts Recovery Tribunal, Visakhapatnam, in S.A. No. 82 of 2008 was confirmed by the Debts Recovery Appellate Tribunal, Kolkata, in Appeal No. 262 of 2013/43. Both the orders are subjected to challenge presently.

2. The State Bank of Hyderabad, Chirala Road, Chilakaluripeta, Guntur District, initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('Sarfaesi Act'), in relation to the secured asset offered by Bhavanasi Subba Rao, the fourth respondent, for the loan facilities availed by him. After following the due procedure, the bank issued auction notice dated 15.10.2004, published in the newspaper on 17.10.2004, proposing to hold the auction sale on 15.11.2004. However, this sale did not materialize. The bank thereupon issued notice dated 02.07.2005, published in the newspaper on 04.07.2005, proposing to hold the auction on 15.07.2005. In the auction held on 15.07.2005, K. Nageswara Rao and his son, K.V. Pulla Rao, the writ petitioners, were declared the highest bidders. A sale certificate was issued to them on 22.07.2005. On 25.08.2005, Bhavanasi