JUDGMENT

1. The two writ petitions are assailing the final order dated 31.08.2021 passed by the Debts Recovery Appellate Tribunal (DRAT), Delhi in Appeal No. 123/2020 titled as "Sh. Jagmohan Singh Arora & Ors Vs. Indiabulls Commercial Credit Ltd. & Ors.", W.P.(C) 10164/2021 has been preferred by Pahwa Buildtech Pvt. Ltd. i.e., the Auction Purchaser and W.P.(C) 11080/2021 has been preferred by Indiabulls Commercial Credit Ltd (the financial institution) i.e., the Secured Creditor. Both the petitions are challenging the same order on mostly overlapping issues, and hence are being dealt with by this common judgment.

2. The substantial prayer in W.P.(C) 10164/2021 reads as under:

a) "Pass a writ of certiorari or any other appropriate writ, order or direction thereby quashing/setting aside the Final Order dated 31.08.2021, passed by the Ld. DRAT in Appeal No. 123/2020, titled as "Sh. Jagmohan Singh Arora & Ors. Vs. India Bulls Commercial Credit Ltd. & Ors.", and consequently, restore the Final Order dated 01.12.2020, passed by the Ld. Presiding Officer, DRT-III, Delhi, in S.A. No. 72/2019, titled as "Mr. Jagmohan Singh Arora & Ors. Vs. India Bulls Commercial Credit Ltd. & Ors.", along with costs and litigation expenses throughout; and

b)..."

and the substantial prayer in W.P.(C) 11080/2021 reads as under:

(i) "Issue a writ of Certiorari or any other Writ, Order or Direction of similar nature setting aside the impugned order dated 31.08.2021passed by Ld. Debt Recovery Appellate Tribunal, Delhi, in Appeal No. 123/2020 and restore the Final Order dated 01.12.2020, passed by the Ld. Presiding Officer-III, DRT-III, Delhi, in S.A. No. 72/2019, titled as "Mr. Jagmohan Singh Arora & Qrs. Vs. India Bulls Commercial Credit Ltd. & Ors.;

(ii)......"

3. For the purpose of convenience, we are going by the Memo of Parties as filed in W.P.(C) 10164/2021. The respondents, namely Mr. Jagmohan Singh Arora, Mrs. Preeti Kaur, Mr. Gurpreet Singh Arora (hereinafter referred to as respondent Nos. 1 to 3) were borrowers as per Section 2(1)(f) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter also referred to as the "SARFAESI Act" for short). Respondent No.4 is Indiabulls Commercial Credit Ltd., a Financial institution, within the meaning of Section 2(1)(m) of the SARFAESI Act, (hereinafter referred to as respondent No. 4) and is also the petitioner in W.P.(C) 11080/2021. Respondent no.5 is the Authorized Officer of the Respondent no.4 within the meaning of Section 2(a) of the Security Interest (Enforcement) Rules, 2002.

4. The brief facts of the case are that:

a) On 11.04.2018, the account of respondent Nos. 1 to 3 was declared as a Non-Performing Asset (hereinafter referred to as NPA) and a notice under section 13(2) of the SARFAESI Act was issued by respondent no. 4 on 12.04.2018, thereby demanding an amount of Rs.4,69,02,758/-, which was due as on 11.04.2018.

b) Thereafter, on 30.04.2018, a notice under section 13(2) of the SARFAESI Act was published in the Business Standard newspaper stating that an amount of Rs.4,69,02,758/- was due as on 11.04.2018 towards Loan Account no. HLLADMT00285020 of respondent Nos. 1 to 3.

c) On 07.07.2018, a notice under section 13(4) of SARFAESI Act read with Rule 8(1) of Security Interest (Enforcement) Rules, 2002 was issued by respondent No. 4. However, the same was withdrawn by respondent no. 4 on the same day, and a fresh notice under section 13(4) of the SARFAESI Act, read with Rule 8(1) of the Security Interest (Enforcement) Rules, 2002 was issued by respondent no. 4 on 17.07.2018.

d) This was followed by a notice for sale under Rule 8(6) of the Security Interest (Enforcement) Rule, 2002 issued by respondent No. 4 on 24.07.2018, intimating respondent nos. 1 to 3 of the proposed sale of the secured asset i.e., property bearing no. 24/20, Block No. 24, Roshanara Extension Scheme, Sabzi Mandi, Shakti Nagar, Delhi-110007, admeasuring 200 square yards (here