JUDGMENT :

1. Heard, learned Advocate Mr. M.B. Gohil, for the petitioners, Mr. Digant B. Kakkad learned Advocate for the applicant-auction purchaser, and learned Advocate Mr. V.N. Sevak for the Respondent-Bank.

2. By way of Civil Application No.1 of 2021, the applicant-auction purchaser has prayed to vacate the interim relief granted by this Court vide order dated 27th September, 2021, while admitting Special Civil Application No. 14232 of

2021.

3. The brief facts of the case are as under:

3.1 The applicant is the auction purchaser of the residential property of the petitioners. The applicant has paid the amount of Rs.1,16,56,000/- for purchasing the residential property, out of which 25% amount was paid in March, 2020, whereas, the remaining 75% was paid on 1st January, 2021.

3.1.1 The respondent-Bank has sanctioned overdraft limit of Rs.97,00,000/- in favour of M/ s. S.R. Construction Company, wherein the petitioners are guarantors and the credit facility provided by the respondent-Bank was secured by mortgage of the immovable property / the residential house of the petitioners.

3.2 The respondent bank issued notice under Section 13(2) of the Securitization and Reconstruction of Financ