JUDGMENT :

R.B. DEO, J.

Petitioners are assailing the judgment dated 25-7-2008 in S.A. 13/2008 rendered by the Debt Recovery Tribunal, Nagpur (DRT) whereby the auction sale conducted on 31-12-2007 is quashed and set aside and liberty is reserved with the petitioners to initiate further action in accordance with the statutory provisions, after deciding the objections raised by the borrower and obtaining fresh valuation report of the secured asset. Liberty is also reserved with the petitioner-bank to participate in the fresh auction after conveying such intention to the borrower.

2. The petitioners are further assailing the judgment dated 30-6-2010 in Appeal 174/2008 rendered by the Debts Recovery Appellate Tribunal, Mumbai (DRAT) whereby the appeal preferred against the judgment of the DRT is dismissed.

3. Shorn of unnecessary details, the broad facts are as set out infra :-

a) Petitioner 1 is a Multi State Co-operate Scheduled Bank duly registered under the Multi State Co-operative Societies Act, 1984 and petitioner 2 is the Branch Manager who is also the designated Authorised Officer (AO). In 2001, petitioner-bank sanctioned in favour of respondent 1-M/s. Sharad Automobiles, which is a