JUDGMENT

(Prayer: Petition filed under Article 226 of the Constitution of India for issuance of a Writ of Certiorarified Mandamus to quash the order dated 22.02.2023 passed by the Debt Recovery Appellate Tribunal in RA Nos.16 of 2021 and 17 of 2021 and restore the order dated 04.02.2021 passed by the Debts Recovery Tribunal in SA No.243 of 2019.)

Sanjay V. Gangapurwala, C.J.

1. We have heard Mr.Satish Parasaran, learned Senior Counsel for the petitioners.

2. The present petitioners are the borrowers of respondent No.1. The petitioners defaulted in payment of the loan amount. Proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short ''the SARFAESI Act'') were undertaken by respondent No.1. Eventually, eauction notice was issued in respect of the secured assets of the petitioners. E-auction was conducted and the sale was confirmed on 16.08.2019. The auction purchasers deposited 25% of the amount on 17.08.2019. On or about 19.08.2019, the petitioners approached the Debts Recovery Tribunal by filing Securitisation Application. On 19.08.2019, the Debts Recovery Tribunal passed an interim order thereby granting stay o