P.K. RADHAKRISHNAN Vs. CENTRAL BANK OF INDIA

JUDGEMENT

(1.) These writ petitions are filed against the impugned order dated 16.10.2019 made in MA [SR] No.63/2018 passed by the Debt Recovery Appellate Tribunal [DRAT] at Chennai, and hence, both the writ petitions are disposed of by this common order.

(2.) This Court, for the sake of convenience, is adopting the array of parties referred to in WP.No.34860/2019.

(3.) The petitioner in WP.No.34860/2019 was the Managing Director of M/s.Unitex International Private Limited, Sevvapet, Tiruvallur District and the said Company availed financial assistance from the 1st respondent - Bank, viz., the Central Bank of India. The said Company committed default in payment of dues and therefore, action was initiated under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [in short '' SARFAESI Act ''] and after complying with the formalities, the secured assets of the said Company in the form of equitable mortgage, created by the petitioner, who was the Director / Mortgagor/Guarantor, was brought for auction by way of sale vide Sale Notice dated 08.02.2017.