ORDER :

1. This writ petition is being filed by auction purchasers being aggrieved by impugned order dated 19.11.2013 passed by Debt Recovery Appellate Tribunal, Allahabad in Appeal No. R214 of 2013 whereby said appeal filed by petitioners was dismissed. By amendment, petitioners have also challenged the order dated 23.10.2013 passed by Debts Recovery Tribunal, Allahabad in Securitization Application No. 153 of 2009.

FACTUAL MATRIX

2. M/s Firozabad Cold Storage Ltd., its Managing Director and others, who are respondents no. 4 to 8 (hereinafter referred to as “borrowers”) have availed credit facility from the respondent bank (Bank of Baroda) sanctioned on 14.10.2005 for the business of cold storage.

3. The borrowers have failed to repay the loan amount, therefore, the respondent bank has issued a notice dated 06.04.2009 under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short “SARFAESI Act”). The borrowers have submitted their reply on 01.06.2009 under Section 13 (3A) of SARFAESI Act.

4. The borrowers remained failed to repay the loan, therefore, a notice dated 13.09.2009 under Section 13(4) of SARFAESI Act and Rule (8) of Security Interest (Enforcement) Rules, 2002 (for short “Rules”) was issued by the bank. Later on, an auction notice dated 14.11.2009 was published by the respondent bank for auction of property in question.

5. The borrowers have filed a S.A. No. 153 of 2009 before the Debts Recovery Tribunal, Allahabad on 14.12.2009 challenging the notice dated 13.09.2009 i.e. a possession notice issued under Section 13(4) of SARFAESI Act and Rule 8(1) of Rules made therein.

6. The respondent bank took possession of property under auction on 23.09.2009 and auction sale was fixed on 16.12.2009, however, auction was not materialized on 16.12.2009.

7. During pendency of above referred S.A. No. 153 of 2009, the respondent bank has published a second auction notice on 05.07.2010 in newspapers, fixing 12.08.2010 for auction sale. The terms and conditions as mentioned in notice are reproduced hereinafter -:

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