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DEBT RECOVERY APPELLATE TRIBUNAL
Anil Kumar Srivastava, Chairperson
K.D. Enterprise – Appellant
Versus
Indian Bank – Respondent
| Table of Content |
|---|
| 1. background of sarfaesi proceedings and auction sale. (Para 1 , 2 , 3 , 4 , 5) |
| 2. appellants' challenges to notices and auction process. (Para 6 , 7 , 8 , 9 , 10) |
| 3. validity upheld for notices except reserve price issues. (Para 11 , 12 , 13 , 14 , 15 , 16) |
| 4. discrepancy in reserve price and lack of consent vitiates sale. (Para 17 , 18 , 19 , 20 , 21) |
| 5. appeal allowed, sale set aside with refund directions. (Para 22) |
JUDGMENT : 25 March,2026
THE APPELLATE TRIBUNAL :
Instant appeal has arisen against a judgment and order dated 16.08.2024 passed by Learned DRT 2 Kolkata in S.A. No. 214 of 2023 (M/s K.D. Enterprise and others versus Indian Bank and others) whereby Learned DRT dismissed the S.A. along with the I.A. 1078 of 2023.
2. S.A. No. 214 of 2023 was filed by the Appellants for a relief to set aside the measures taken by the secured creditor under the SARFAESI Act with a further relief to restrain the Bank from taking action in pursuance of Demand Notice dated 05.01.2023, Possession Notice dated 20% March, 2023 published on 23" March, 2023 with a further relief to quash the same.
3. As per pleadings, Applicants are the borrowers and guarantors of the Bank who have avai
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