ELOGIC TECHNOLOGIES PRIVATE LIMITED Vs. THE AUTHORISED OFFICER, M/S FULLERTON INDIA CREDIT COMPANY LIMITED

JUDGEMENT

(1.) Petitioner, M/s. Elogic Technologies Pvt. Ltd., has presented this writ petition with following prayers:

(2.) Facts stated in the writ petition are, petitioner has availed term loan from the second respondent. A house property belonging to the Managing Director of petitioner-Company has been mortgaged as security. Petitioner's account was declared as NPA and recovery proceedings were initiated. Second respondent obtained an order to take possession of the property under Section 14 of the SARFAESI Act [Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act]. Petitioner challenged the same by filing S.A. No.499/2018, under Section 17 of SARFAESI Act before the DRT [Debts Recovery Tribunal order dated August 2, 2019 has disposed of the writ petition by recording thus:]. The DRT granted interim protection subject to deposit of Rs.90 lakhs in two installments. Petitioner did not comply with the said interim order. The first respondent proceeded to issue e-auction sale notice to conduct the auction on August 2, 2019 by fixing reserve price at Rs.4.02 Crores. According to the petitioner, the value of the property is Rs.7.95 Crores. Petitioner presented writ petition No. 31565/2019 in this Court. This Court vide

(3.) The second respondent again fixed the auction sale on September 6, 2019 at the same reserve price of Rs.4.02 Crores. Hence, petitioner has approached this Court with this writ petition.