STATE BANK OF INDIA Vs. DEBT RECOVERY TRIBUNAL

JUDGEMENT

(1.) Writ Petition No.14396 of 2023 is filed questioning the inaction for passing orders in S.A.No.149 of 2023, particularly the vacate stay petition, which has not been heard and the delay that is occurring in the disposal of the case. The further question raised is about the direction for payment of 10 monthly installments contrary to the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interests Act, 2002 (for short "SARFAESI Act")

(2.) The connected Writ Petition No.15220 of 2023 is filed by the auction purchaser questioning the inaction of the respondent bank in not receiving the balance sale consideration.

(3.) With the consent of all the learned counsel the matter was taken up for hearing. The facts are not seriously in dispute. The writ petitioner in W.P.No.14396 of 2023 was issued a notice under the provisions of SARFAESI Act and they brought to sale a particular property. The amount outstanding as on 31/10/2021 is Rs.4,53,38,599.00 along with interest from 1/11/2021 and other charges etc. The auction notice was issued on 20/2/2023. The 5th respondent in this writ petition, who is the writ petitioner in W.P.No.15220 of 2023 is the successful bidder. The auction was completed on 24/3/2023. The highest bid is for Rs.8,65,00,000.00 against the reserve price of Rs.7.35 crores.