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ALOK MATHUR
Sandhya Mishra – Appellant
Versus
Punjab National Bank – Respondent
JUDGMENT :
Hon'ble Alok Mathur, J.-Heard Sri A.K. Srivastava, learned counsel for the petitioner as well as Sri J.S. Pandey, Advocate holding brief of Sri Sanjai Singh, learned counsel for respondent Nos. 1 and 2.
2. In the light of proposed order notice to private respondents is dispensed with.
3. By means of present writ petition the petitioner has approached this Court challenging notice dated 1.8.2024, which has been issued in pursuance to order dated 30.7.2024, passed by the Debt Recovery Tribunal, Allahabad whereby he has been impleaded in the proceedings pending before the Tribunal.
4. It has been submitted by learned counsel for the petitioner that proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ''the Act, 2002''), initiated by the respondent-Bank against borrower namely respondent No. 3 as well as guarantor respondent No. 4 before the Debt Recovery Tribunal, Allahabad (hereinafter referred to as ''the Tribunal'') under the Act, 2002. Respondent Nos. 3 and 4 moved securitisation application before the Tribunal assailing the proceedings under Section 13(2) and 13(4) of the Act,
The right of redemption under the Securitisation Act ceases upon auction notice publication, but the Debt Recovery Tribunal can still adjudicate borrower grievances.
The court established that strict adherence to notice requirements under the Securitization Act is essential to protect a borrower's right of redemption.
Secured creditors must adhere to proper notice and valuation requirements per the SARFAESI Act, as failure to do so invalidates asset sales.
The main legal point established in the judgment is the interpretation of Rule 9(4) and 9(5) of the Security Interest (Enforcement) Rules, 2002, highlighting the requirement for the purchaser to pay ....
When an auction-sale is advertised in well-known newspapers having wide circulation, all eligible persons can come and bid for the same, and they are themselves to be blamed if they do not come forwa....
Right of redemption under SARFAESI Act extinguishes on publication of auction notice; DRT cannot thereafter set aside auction and permit effective redemption, rendering such order without jurisdictio....
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