JUDGMENT :

The attempt of a lone bidder in an auction, to implead in a securitisation application before the Debts Recovery Tribunal ended in a failure. The said lone bidder, is challenging in this original petition, two separate orders issued by the Tribunal, including the order rejecting his application for impleading. Original petitioner claims to be the auction purchaser and is challenging Ext.P2 order dated 15-01-2021 and Ext.P5 order dated 08-02-2021 passed by the Tribunal. This challenge is preferred under Article 227 of the Constitution of India.

2. There are three parties to this litigation, (i) original petitioner, (ii) respondents 1 and 2, and (iii) respondents 3 and 4. Petitioner claims to be the auction purchaser while respondents 1 and 2 are the borrowers, the 3rd and 4th respondents are the asset reconstruction company and its authorized officer, respectively. For easier comprehension, the three parties are referred to as Petitioner, Borrowers and ARC in this judgment.

3. In the first amongst the two impugned orders, the Tribunal had observed that the Borrowers had arranged a proposed purchaser who was ready to purchase the security interest for Rs.7.60 Crores. It is ob