JUDGMENT :

S. VISHWAJITH SHETTY, J.

1. These two writ appeals are filed challenging the order dated 06.07.2022 passed by the learned Single Judge of this Court in W.P. No. 2710/2022.

2. W.A. No. 635/2022 is filed by the respondent in W.P. No. 2710/2022, while W.A. No. 724/2022 is filed by the borrowers/impleading applicants in I.A. No. 3/2022 filed in W.P. No. 2710/2022. Having regard to the similitude of facts involved in the appeals, with the consent of the learned Counsel appearing for the parties in these appeals, both the appeals are heard together and disposed of by this common judgment.

3. We have heard the learned Senior Counsel appearing for the parties and also perused the material on record.

4. Brief facts of the case, as revealed from the records are, the property belonging to the borrowers was brought for sale by the appellant (Financial Institution) in W.A. No. 635/2022 under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the Act of 2002’) as well as the Security Interest (Enforcement) Rules, 2002 (for short ‘the Rules of 2002’). Respondent No. 1 (hereinafter referred to as ‘first aucti