Appeal. No. 63 of 2019-DRAT-Kolkata

IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA

(Appeal No. 63 of 2019)

(Arising out of I.A. 148 of 2019 in S.A. No. 117 of 2018 in DRT -

Siliguri)

THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA

CHAIRPERSON

1.

IDBI Bank Limited, a company incorporated and registered

under Companies Act, 1956 (1 of 1956) and a banking company

within the meaning of Section 5 (c) of the Banking Regulation

Act, 1949 (10 of 1949) and having its Registered office at IDBI

Tower, WTC Complex, Cuffe Parade, Mumbai – 400005 and

Branch Office at Gangtok, Sikkim.

2.

The Authorised Officer, IDBI Bank having his office at IDBI

House, 44, Shakespeare Sarani, Kolkata – 700017, under Police

Station- Shakespeare Sarani.

…Appellants

-Versus-

1.

Sri Bijendra Kumar Singh, son of Shri Ben Kumar Singh residing at Sai

Niwas, Upper Sichey Paljor Stadium, Sukhapool, Below PNGSSS,

Gangtok, Sikkim, Pin – 737101;

3.

Smt. Woeser Doma Bhutiya, wife of Sri Bijendra Kumar Singh,

residing at Sai Niwas, Upper Sichey Paljor Stadium, Sukhapool, Below

PNGSSS, Gangtok, Sikkim, Pin – 737101;

… Respondent

4.

Prashant Subedi, son of Sri S.B. Subedi, residing at Kyongza, near

Zilla Panchayat Bhawan, Gyalshing, West Sikkim, Sikkim, Pin -

737111

….Proforma Respondent

Counsel for the Appellants

Mr.

Debasish

Chakraborty,

Learned

Counsel, Ms. Sarmistha

Pal, Learned Counsel for

the Appellant

Counsel for Respondent

Mr.

Souritra

Ganguly,

Learned

Counsel

for

Respondent Nos. 1 & 2.

Mr. B. P. Subba with Mr.

T.

Kumai,

Learned

Counsel

for

Proforma

Respondent No. 3.

2

Appeal. No. 63 of 2019-DRAT-Kolkata

JUDGMENT

:

On 14^th March, 2023

THE APPELLATE TRIBUNAL :

Instant Appeal has arisen against an order dated 10.07.2019

passed by Ld. DRT Siliguri in I.A. No. 148 of 2019 arising out of S.A. No.

117 of 2018 Bijendra Kr Singh and another versus IDBI Bank and another

whereby the Ld. DRT set aside the sale conducted on 30^th March, 2019.

2.

As per the pleadings a mortgage loan of Rs.92,42,454/- was

sanctioned by the Appellant IDBI Bank to Respondent No. 1, Bijendra Kr.

Singh and further loan of Rs.50 lacs was disbursed. Respondent No. 1

created equitable mortgage of the immovable property lying and situated at

Upper Sichoy, Sai Niwas Gangtok, Khatiyan No. 273m Okit Bi,631/1324

Gangtok, East Sikkim with site area 3484.8 sq.ft. and 41/2 (four and half)

strd Building. Loan was not repaid. Accordingly, it was classified as NPA

on 10.04.2018. Notice under Section 13(2) was issued on 27.07.2018

claiming a sum of Rs.1,47,64,843/-. Symbolic possession was taken on

09.10.2018. District Magistrate passed an order dated 02.11.2018 on an

application under Section 14 (1) of the SARFAESI Act. Challenging the

action of the Bank SARFAESI Application was filed by the Respondent No.

1. Application for stay of the order of DM was filed on 02.11.2018. DM

order was stayed by DRT vide order dated 17.12.2018. On 08.01.2019, a

fresh order was passed by Ld. District Magistrate. On the basis of said

order, Appellant had taken physical possession on 10.01.2019. I.A. No. 15

of 2019 was filed by Respondent No. 1 challenging the order of DM dated

08.01.2019 which was dismissed.

3.

Secured assets were put to sale vide notice dated 19.01.2019 which

was challenged before DRT and the sale notice was set aside. Property was

sold on 30.03.2019 fixing the reserve price on the basis of the valuation

3

Appeal. No. 63 of 2019-DRAT-Kolkata

report dated 10.01.2019 which was fixed as Rs.1,70,37,920/-.

Sale

Certificate was issued on 31.03.2019. It was challenged by Respondent No.

1 by filing I.A. No. 148 of 2019 on the ground that property was sold for a

low value. Ld. DRT set aside the sale by impugned order holding that the

property ha