JUDGMENT :

B.R. GAVAI, J.

1. Leave granted.

2. This case is a classic example as to how an ingenious litigant, by taking recourse to a series of proceedings one after the other, has been successful in blocking the enforcement of a security interest, created in favour of a secured creditor, thereby defeating the very purpose for which the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as ‘the SARFAESI Act’) was enacted.

3. The present appeals challenge the common judgment and order dated 18.11.2019 passed by the High Court of Judicature at Madras in Writ Petition Nos. 30710 and 30712 of 2019 filed by respondent No.1 N. Subhash Chand Jain herein (hereinafter referred to as ‘the auction purchaser’) and in Writ Petition Nos. 28034 and 28036 of 2019 filed by the appellants herein, thereby disposing of all the four writ petitions.

4. The facts, in brief, giving rise to the present appeals are as under:

Ace Concrete Private Limited (hereinafter referred to as ‘the borrower’) was a company engaged in the manufac