C. A. RAJAN Vs. SOUTH BANK LIMITED

JUDGEMENT

(1.) This original petition has been filed challenging Ext.P13 order dtd. 7/2/2025 in S.A.No. 462 of 2023 issued by the Debts Recovery Tribunal-II, Ernakulam.

(2.) The petitioners availed credit facilities from the respondent bank. On default being committed, proceedings were initiated against the petitioners under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the 'SARFAESI Act'). The property of the petitioners which was mortgaged to secure the repayment to the respondent bank was brought to sale. The sale was scheduled to be held on 22/11/2023. The petitioners had filed S.A.No. 462 of 2023 challenging the proceedings of taking physical possession of the secured assets and thereafter, the Securitization Application was amended impugning the sale proposed to be held on 22/11/2023. Ext.P7 interim order was issued by the Tribunal on 22/11/2023 and that order to the extent relevant reads thus;

(3.) While matters stood thus, the Securitization Application came up for consideration before the Tribunal on 7/2/2025. The Tribunal, on the same day, issued Ext.P13 order, which reads thus;