G. ROHINI, J.

1. These five LPAs and four writ petitions being interlinked are heard together and being disposed of by this common judgment.

2. It may, at the outset, be stated that all the LPAs arose out of the interim orders passed pending W.P. (C) No. 2604/2013 and W.P. (C) No. 7261/2015. When the said appeals were listed before us, we thought that it would be appropriate to hear and decide the main writ petitions as well. Thus with the consent of the learned counsels for both the parties, the said writ petitions as well as two other connected petitions being W.P. (C) Nos. 4412/2013 and 3047/2016 were tagged on to the LPAs and all the matters were heard together.

3. The facts in brief are as under.

4. Maharaji Educational Trust (hereinafter referred to as the Trust) which has been running medical colleges and charitable hospitals at various places, possessed several properties including the buildings wherein its colleges, hospitals, staff quarters, etc. are located. The Trust had taken a loan from Housing and Urban Development Corporation (HUDCO) in the year 1995 by mortgaging its immovable properties numbering six, out of which properties no. 1 to 5 comprising of the medical colleges, charitable hospitals, staff quarters, etc. of the Trust are broadly non-contiguous. Property No. 6 is a vacant land measuring 63.45 acres situated in villages Akbarpur, Behrampur, Mirzapur, Pargana Loni of Ghaziabad District, State of Uttar Pradesh.

5. Alleging that the Trust committed default in payment of the loan amount, HUDCO initiated proceedings before the Debt Recovery Tribunal, Delhi, constituted under the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (for short RDDBFI Act) vide O.A. No. 160/2002 for recovery of outstanding loan amount together with interest.

6. During the pendency of the said proceedings, the Trust had entered into an Exchange Deed dated 04.05.2007 with U.P. Housing & Development Board/Avas Evam Vikas Parishad (for short AEVP) whereby the Trust received the land belonging to AEVP situated in villages Shahbad, Mithapur and Akbarpur in exchange of 21 acres of its land out of 63.45 acres of vacant land comprised in property no. 6. The Trust claims that pursuant to the said Exchange Deed, property no. 6 has become a contiguous piece of vacant land.

7. O.A. No. 160/2002 was allowed by the Debt Recovery Tribunal-II (DRT) in favour of HUDCO by order dated 03.06.2008 and in terms thereof, Recovery Certificate No. 039/2011 was issued to the Recovery Officer attached to DRT-II, Delhi for recovery of Rs.148.08 crores due from the Trust. Against the order of the DRT dated 03.06.2008, the Trust preferred an appeal being Appeal No. 120/2008 before the Debt Recovery Appellate Tribunal (DRAT), Delhi which was dismissed by order dated 06.10.2010.

8. During the pendency of the appeal before the DRAT, the Trust had entered into an agreement of sale dated 26.08.2010 with M/s SGS Construction and Development (P) Ltd. (for short 'SGS Constructions') for sale of 63.45 acres of land comprised in property no. 6 including the 21 acres of land that was exchanged by the Trust with the AEVP vide Exchange Deed dated 04.05.2007, for a sale consideration of Rs.154 crores. SGS Constructions claims that a sum of Rs.9.01 crores was also paid to the Trust towards part payment.

9. After dismissal of Appeal No. 120/2008 by DRAT by order dated 06.10.2010, the Recovery Officer attached to DRT-II, Delhi initiated steps for recovery of the amount specified in the Recovery Certificate by sale of the mortgaged properties.

10. In May, 2011, SGS Constructions filed objections before the Recovery Officer qua property no. 6 on the basis of the Agreement of Sale dated 26.08.2010 executed by the Trust in its favour. The objections included that the dispute between the parties to the Agreement of Sale is the subject matter of proceedings pending before the sole Arbitrator and that on an application filed by it under Section 17 of the Arbitration