PAHWA BUILDTECH PVT. LTD Vs. JAGMOHAN SINGH ARORA

JUDGEMENT

(1.) The two writ petitions are assailing the final order dtd. 31/8/2021 passed by the Debts Recovery Appellate Tribunal (DRAT), Delhi in Appeal No. 123/2020 titled as "Sh. Jagmohan Singh Arora and Ors Vs. Indiabulls Commercial Credit Ltd. &Ors." W.P.(C) 10164/2021 has been preferred by Pahwa Buildtech Pvt. Ltd. i.e., the Auction Purchaser and W.P.(C) 11080/2021 has been preferred by Indiabulls Commercial Credit Ltd (the financial institution) i.e., the Secured Creditor. Both the petitions are challenging the same order on mostly overlapping issues, and hence are being dealt with by this common judgment.

(2.) The substantial prayer in W.P.(C) 10164/2021 reads as under:

(3.) For the purpose of convenience, we are going by the Memo of Parties as filed in W.P.(C) 10164/2021. The respondents, namely Mr. Jagmohan Singh Arora, Mrs. Preeti Kaur, Mr. Gurpreet Singh Arora (hereinafter referred to as respondent Nos. 1 to 3) were borrowers as per Sec. 2(1)(f) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter also referred to as the "SARFAESI Act" for short). Respondent No.4 is Indiabulls Commercial Credit Ltd., a Financial institution, within the meaning of Sec. 2(1)(m) of the SARFAESI Act, (hereinafter referred to as respondent No. 4) and is also the petitioner in W.P.(C) 11080/2021. Respondent no.5 is the Authorized Officer of the Respondent no.4 within the meaning of Sec. 2(a) of the Security Interest (Enforcement) Rules, 2002.