JUDGEMENT

J.B. PARDIWALA, J.: For the convenience of exposition, this judgment is divided in the following parts:-

INDEX A. FACTUAL MATRIX ............................................................................. 3 B. IMPUGNED ORDER .......................................................................... 13 C. SUBMISSIONS OF THE APPELLANT ............................................ 17 D. SUBMISSIONS OF THE RESPONDENT ......................................... 18 E. ANALYSIS (Points for Determination) .............................................. 19 i) Legislative History and Scheme of the SARFAESI Act ..................... 20 ii) Applicability of Section(s) 73 & 74 of the 1872 Act to Forfeiture under the SARFAESI Rules. ............................................................... 32 a. Forfeiture under the SARFAESI Rules ........................................... 44 Digitally signed by Sanjay Kumar Date: 2024.02.02 15:31:40 IST Reason:

Signature Not Verified b. Concept of Earnest-Money & Law on Forfeiture of Earnest-Money Deposit ............................................................................................ 49 c. Law on the principle of ‘Rea