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IN THE HIGH COURT OF JUDICATURE AT MADRAS
Hemant Chandangoudar, J
M.Kishore Akash – Appellant
Versus
Branch Manager, Canara Bank, Asset Recovery Management Branch - I – Respondent
| Table of Content |
|---|
| 1. auction sale facts and discovery of undisclosed decree. (Para 2 , 3 , 9 , 10) |
| 2. parties contend on disclosure and due diligence duties. (Para 4 , 5 , 6) |
| 3. sarfaesi rules mandate encumbrance disclosure. (Para 11 , 12) |
| 4. precedents enforce bank fairness and interest liability. (Para 14 , 15 , 16 , 17) |
| 5. refund ordered with interest; petition allowed. (Para 18 , 19 , 20) |
ORDER
The present writ petition has been filed seeking a direction to the first respondent Bank to refund a sum of Rs.31,47,000/- received by it pursuant to the e-auction held on 03.05.2024, along with registration expenses of Rs.2,73,940/-, aggregating to Rs.34,20,940/- (Rs.31,47,000/- + Rs.2,73,940/-), together with interest at the rate of
24% per annum from 03.05.2024 till the date of repayment.
2.The borrower having defaulted in repayment of the loan, the respondent Bank initiated proceedings under the SARFAESI Act and conducted an auction sale of the secured asset, namely, a vacant land in Survey No.871/2A1 measuring 21.5 cents situated at Eriodu Village, Vedasandur Taluk, Dindigul District. The auction was conducted on 26.03.2024, and the petitioner was declared as the successful bidder. In terms
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