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M. S. RAMACHANDRA RAO, HARMINDER SINGH MADAAN
Shri Santosh Saw Mill – Appellant
Versus
Allahabad Bank – Respondent
JUDGMENT
M.S. Ramachandra Rao, J. - Since these two writ petitions are between the same parties and common questions of fact and law arise for consideration, they are being disposed of by this common order.
2. The background facts Petitioner No.1 is a proprietory concern and petitioner No.2 is its proprietor. The subject matter of these Writ Petitions is property bearing W-9, Industrial Area, Yamuna Nagar, Haryana. This property was purchased under a register sale deed dt.15.10.1971 in the name of Santosh Kumar Aggarwala (Respondent No.4) by his late father Sukhdeo Prosad Aggarwala. Initially, the petitioner No.1 was a partnership firm constituted under a partnership deed dt.03.01.1972 (P-1) with Sajjan Kumar Aggarwala (brother of respondent No.4), petitioner No.2, Smt. Shanti Devi Aggarwala and Smt. Kusum Devi Aggarwala. The firm started business on the above property with the consent of respondent No.4.
3. According to petitioner No.2, on 16.06.1987, the other partners of the firm executed a general power of attorney in his favour authorizing him to sell, mortgage, lease or otherwise dispose of the said plot. In 1989-90, a loan was taken by respondent No.3 firm and respondent No.4 f
A person who has no right, title, or interest in a property cannot challenge the sale of that property under the SARFAESI Act, 2002.
Mandatory compliance with procedural requirements under the SARFAESI Act is essential; failure to adhere prejudices borrowers' rights and invalidates auction proceedings.
A secured creditor, acting as a trustee, must secure the best possible value for a mortgaged asset; mere intimation of a reduced reserve price to a borrower does not constitute the mandatory 'consent....
Possession notice and auction sale notice – Only in a case where secured property is actually put to use as agricultural land and solely on the basis of revenue records/Pattadar and once secured prop....
Unregistered documents do not confer ownership of immovable property; valid title requires registration under the Transfer of Property Act.
The DRT cannot validate an auction sale without hearing the objections of the parties and violating principles of natural justice.
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