SANJIB BANERJEE, P.D.AUDIKESAVALU
Vantage Resorts & Clubs Pvt. Ltd. , Rep. by its Director, Senthil Nathan – Appellant
Versus
Vinplex India Pvt. Ltd. , Rep. by its Director, K. R. Rangarajan – Respondent
ORDER :
Sanjib Banerjee, J.
(Prayer: Petitions filed under Article 227 of the Constitution of India against the order dated 12.03.2020 passed in R.A. (S.A.) No.107 of 2017 in S.A.No.5 of 2013 on the file of Debts Recovery Appellate Tribunal, Chennai.)
1. These matters bring out a comedy of errors on all sides and the unprofessional manner in which the litigation is conducted for most parts.
2. There are two petitions. C.R.P.No.1341 of 2020 is by a company that had obtained credit facilities from the then Andhra Bank, which has now merged into the Union Bank of India. C.R.P.No.1375 of 2020 has been brought by the auction-purchaser of an immovable property after suffering an order undoing the sale in its favour.
3. The secured creditor exercised its authority under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 to put up the secured asset for sale. At the auction that was concluded prior to November, 2012, Vinplex India Pvt. Ltd (the petitioner in C.R.P.No.1375 of 2020) was identified as the highest bidder and such party duly put in the consideration to be entitled to the sale being confirmed in its favour. However, before the sale
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