VALMIKI J. MEHTA, J

W.P.(C) No.13152/2009

1. The petitioners by means of the present petition under Article 226 of the Constitution of India impugn the order dated 18.9.2009 passed by the Debt Recovery Appellate Tribunal (DRAT). By the impugned order, DRAT dismissed the appeal of the present petitioners filed against the order dated 4.3.2008 passed by the Debt Recovery Tribunal (DRT). By the impugned orders the DRT and the DRAT have rejected the prayer of the petitioners-borrowers seeking redemption of the mortgaged property on the ground that the auction purchase stood concluded and the stage for exercising the option of redemption had come to an end.

2. The facts of the case are that the petitioners as the borrowers availed of financial limits from the respondent No.1 herein Central Bank of India. On account of default of the petitioners in payment of the dues, the respondent No.1 bank exercised its rights under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). Auction of property took place on 11.6.2005 after the petitioners failed to comply with the notice of demand issued under Section 13(