JUDGMENT

J.B. PARDIWALA, J.

By way of filing this petition under Article 226 of the Constitution, the petitioner seeks to challenge judgment and order passed by the Debt Recovery Appellate Tribunal at Mumbai in Appeal No. 287 of 2010 with N.A No. 1170 of 2010, whereby the Appellate Tribunal allowed the appeal preferred by respondent No.1 herein against judgment and order passed by Debt Recovery Tribunal-I, Ahmedabad, in Appeal No. 51 of 2010.

2. The facts relevant for the purpose of deciding this petition can be summarized as under:-

2.1 Petitioner is a company registered under the Companies Act. Respondent No.3 herein had availed of financial assistance from respondent No.2 Bank of India. While availing of financial assistance from respondent No.2, respondent No.3 mortgaged property bearing Plot No. 46/A, Block No. 430, 432 situated at Ashwamegh Industrial Estate, Changodar, Ahmedabad. As respondent No.3 was unable to repay the loan amount, Bank initiated proceedings under Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short "the SARFAESI Act"). On 12th May, 2010, Central Bank of India, through its authorised officer, published auction notice for sale of the property which was mortgaged by respondent No.3 with the Bank. The auction notice dated 12th May, 2010 reads as under:-

"Central Bank of India

Regional Office: Lal Darwaja Ahmedabad – 380001. Ph.25503586 / 2551466/25511398 Fax: 25501464

AUCTION NOTICE

The Authorized Officer of Central Bank of India under the Secularization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) and in exercise of powers contended under the said Act issued demand notices calling upon following borrowers / guarantors to repay the amounts mentioned in the notices with interest.

The amounts mentioned in the notices have not been repaid to the Bank.

Therefore, notice to public is hereby given to the effect that the immovable properties described herein below will be sold by the Authorized Officer by calling tenders cum holding public auction on the dates, place and time mentioned in this notice on “as is where is condition”. Persons or organizations interested in buying the said immovable properties may contact the Authorized Officer or the concerned branch for tender documents, which contain all other relevant details.

Sr. No.	Name of the Borrower Mortgagor & Branch	Amount Balance + Interest	Description of Properties	Date of inspection	Reserve Price	Date, Time and Place of Auction
1.	M/s. Parikh Surgical Disposable Products Mfg. S.M. Road Branch, Ahmedabad (Contact : Mr. Kiran Palekar : 9909928871	Rs.3,19,56,588.19+ Interest	Factory Land & Building at Plot No. 46/A, (Block No.430. 432) Ashwamegh Industrial Estate, Changodar, Ahmedabad (Ad-measuring 4856 sq.yds. of Land with 3790 Sq. Mtrs. Of construction area) Plant & Machinery at Plot No.46/A, (Block No. 460, 432) Ashwamegh Industrial Estate, Changodar, Ahmedabad	6/6/2010             6/6/2010	159.00             30.00	14/6/2010 Time : 4.00 P.M. S.M. Road Branch A’bad

2.2 Record reveals that in the auction which was held on 14th June, 2010, respondent No.1 herein was declared as the highest bidder and was issued a letter by the Bank in this regard dated 14th June, 2010. The letter reads as under:-

"M/s.Ashok Enterprise

10, Chaitanaya Society,

St. Xaviers School Road,

Near Stadium Petrol Pump,

Ahmedabad       14/6/10

Attn: Mr.Ashokkumar Pranjivandas Desai

Dear Sir,

Sub: Auction under SARFAESI Act- Industrial Property at Changodar Ahmedabad A/c Parikh Surgical With reference to the auction held in the branch premises on 14th