P. NAVEEN RAO, NAGESH BHEEMAPAKA
Vinayak steels Limited – Appellant
Versus
Om Vishnu Pipes Pvt. Ltd. – Respondent
ORDER :
P.Naveen Rao, J.
These two writ petitions are filed challenging the order of Debts Recovery Tribunal-II at Hyderabad (for short ‘the Tribunal’) dated 10.07.2018 passed in S.A.No.32 of 2017.
2. Briefly noted, to the extent relevant, the facts are as under:
The 1st respondent borrowed money from the State Bank of India who is the petitioner in W.P.No.28947 of 2018. Holding that the borrower defaulted in repayment of loan, the Bank declared the said loan account as Non-Performing Asset and has taken recourse to the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘the SARFAESI Act’). At the time of obtaining loan, the borrower mortgaged certain properties as security. Since the amount due was not repaid by the borrower, the Bank has issued notice dated 23.09.2016 under Rule 8(6) of the Security Interest (Enforcement) Rules (for brevity ‘the Rules’) informing the borrower that the secured asset would be sold to recover the amounts due, if the amount due is not repaid by him. On 23.10.2016 a notice
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