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IN THE HIGH COURT OF ANDHRA PRADESH AT AMARAVATI
DHIRAJ SINGH THAKUR, RAVI CHEEMALAPATI
Dutta Umamaheswara Rao – Appellant
Versus
VST Constructions – Respondent
| Table of Content |
|---|
| 1. background of the case and loan agreement. (Para 1 , 2 , 3 , 4) |
| 2. details of loan defaults and bank's actions. (Para 5 , 6 , 7 , 8 , 10) |
| 3. discussion on legal requirements for notice periods. (Para 14 , 15 , 19 , 20) |
| 4. clarifications on amendments and their implications. (Para 24 , 25 , 26) |
| 5. final judgment and ruling set aside drat's order. (Para 36) |
JUDGMENT :
DHIRAJ SINGH THAKUR, CJ.
The present writ petition has been filed challenging the order passed by the Debts Recovery Appellate Tribunal, Kolkata, dated 12.08.2024, whereby the auction of the property by the respondent Canara Bank under the provisions of the SARFAESI Act made in favour of the auction purchaser from whom the petitioner had purchased the property subsequently was set aside on the ground that the sale conducted by the bank in the year, 2005, was in clear violation of Rule 8(6) as also the first proviso to Rule 9(1) of the Security Interest (Enforcement) Rules, 2002.
2. With a view to understand the background, in the light of which the present controversy has arisen, it is necessary to state briefly the material facts:
3. M/s. V.S.T.Constructions/respondent No.1 herein, availed a loan of Rs.10 lak
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