COMMON ORDER:

(Per Hon’ble Sri Justice V. Ramasubramanian)

While the Asset Reconstruction Company has come up with the first writ petition challenging an interim stay of further proceedings granted by the Debts Recovery Tribunal in a pending appeal, the auction purchaser has come up with the second writ petition, seeking a direction for removal of the movable items from the land and building, so that they could enjoy the property that was purchased by them.

2. Heard Mr. Vedula Venkataramana, learned senior counsel appearing for the Asset Reconstruction Company, Mr. L. Ravichander, learned senior counsel appearing for the borrower, and Mr. Pandu Ranga Reddy, learned counsel appearing for the auction purchaser.

3. The case on hand has a checkered history, the relevant portion of which alone is extracted as follows:

(i) The account of the borrower became a Non Performing Asset way back in the year 2012, leading to the Canara Bank issuing a demand notice under Section 13(2) Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short ‘SARFAESI Act’) on 02.06.2012 for recovery of a sum of more than Rs.45.00 crores.

(ii) The bank also issued a