Bank of Baroda and Another v. M/s Parasaadilal Tursiram Sheetgrah Pvt. Ltd. and Others

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2022 Supreme(Online)(SC) 806

SUPREME COURT
, J
Bank of Baroda and Another v. M/s Parasaadilal Tursiram Sheetgrah Pvt. Ltd. and Others

Table of Content
1. review of application under the act (Para 2 , 3 , 4)
2. issuance of sale certificate (Para 5 , 6)
3. justification of interim order (Para 11 , 14)
4. principles of enforcement under the act (Para 12 , 15)
5. no order as to costs (Para 17)

1. Leave granted.

2. This appeal by Bank of Baroda is against an Interlocutory Order of stay passed by the High Court of Judicature at Allahabad, Lucknow Bench pending disposal of a Writ Petition. The Writ Petition was filed by the Respondent Company against the order in appeal by the Debt Recovery Appellate Tribunal (hereinafter referred to as 'DRAT'.) dated 02.12.2016. By this order the challenge laid to the Sale Certificate issued in favour of the Auction Purchaser under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the Act'.) was dismissed on the ground of limitation. While issuing notice, this Court had stayed the impugned interim order dated 19.12.2016 passed by the High Court of Judicature at Allahabad, Lucknow Bench and the order of stay continues to hold the field.

3. The short facts leading to the filing of the appeal are a