R.K. GUPTA, J. (CHAIRPERSON)

1. No one appears for the appellant. On behalf of the respondent, Mr. Sandeep Arora appears. The aforesaid appeal was directed to be listed for final arguments on 27th August, 2012. The said order was passed on 13th July, 2012 and on the said date the Counsel for the appellant Mr. K. Rohan, brief holder of Mr. P. Shankaran was present. The adjournment was accepted subject to the cost of Rs. 25,000/- and thereafter, the date was fixed for final argument on 27th August, 2012, Today, no one is present on behalf of the appellant, therefore, the Counsel for the respondent is heard.

2. The present appeal is preferred by one of the Financial Institutions under Section 18 of the SARFAESI Act, 2002 challenging the order passed by the Tribunal on 25th November, 2011 by which the Securitisation Application preferred by the appellant has been dismissed.

3. The relevant facts for adjudication of the present case are that the appellant being-Financial Institution filed the Securitisation Application under Section 17 of the SARFAESI Act, 2002 challenging the sale proclamation with regard to the property belonging to the respondent No. 2. The challenge was made