KOTAK MAHINDRA BANK LIMITED Vs. DILIP BHOSALE

JUDGEMENT

(1.) The present petitions have been filed by the secured creditor assailing the order dtd. 8/4/2019 followed by order dtd. 30/4/2019.

(2.) The respondent/borrower after committing default and his ccount becoming NPA, proceedings were initiated under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "the Act") and on an application filed under Sec. 14 of the Act, the authorized officer along with the Commissioner on 29/1/2019, took over the physical possession of the secured asset and that came to be challenged by the respondent/borrower in WP No.3702 of 2019 and thereafter further action was initiated by the petitioner in publishing the auction-cum-sale notice dtd. 27/2/2019. Later WP No.7806 of 2019 came to be filed assailing the auction notice.

(3.) It reveals from the record that after filing of the writ petitions, the respondent/borrower approached the Debt Recovery Tribunal with an appeal SA No.109 of 2019 along with an application for stay on auction, a conditional order came to be passed by the Debt Recovery Tribunal dtd. 28/3/2019 directing the petitioner bank to proceed with the auction sale, but not to confirm the same.