Misc. Application No. 74/2023 In Appeal Dy. No. 435/2022 Sanjai Singh Vs. Indian Bank & 3 Ors.

Present: Shri Alok Rai, counsel for the applicant, Shri A. K. Srivastava, counsel for the respondent-Bank, None for the other respondents, ORDER Date : 22.04.2025 Learned counsel for the appellant submitted that there is no provision in the SARFAESI Act, 2002 to charge the interest on the auction amount, therefore, the Bank may be directed to accept the remaining auction amount without any interest, otherwise refund the amount with interest.

Learned counsel for the respondent-Bank submitted that as per the circular of the Reserve Bank of India, the appellant is liable to pay the interest for the delayed period on the auction amount and 25% of the auction amount has already been forfeited on the ground that the remaining 75% of the bid amount was not deposited by the appellant. Accordingly, the order impugned was passed, which is under challenge in the present appeal. It was contended that the appeal has already been decided by this Appellate Tribunal vide order dated 17.05.2023 and the present application has been filed by the appellant under Rule of 22 of the Debts Recovery Appellate Tribu