VISHAL RAJENDRA JAISWAL Vs. NARESH SONI

JUDGEMENT

(1.) Respondents No.1 to 4 (hereinafter referred to as "the borrowers" for short) took financial assistance by way of a home loan to the tune of 1,50,00,000/- from respondent No.5 - Bank of Baroda (hereinafter referred to as "the bank" for short). In order to secure the loan, the borrowers had mortgaged their property situated at Survey No. 542/2/2/1, Patwari Halka No.18, Junior Dewas, District Dewas. Upon committing the default of returning the loan amount, the bank issued a demand notice dtd. 3/8/2019 under sec. 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "SARFAESI Act" for short) for a debt of Rs.,140,81,936.00. Thereafter, a possession notice was issued on 10/10/2019. The borrowers approached the Debt Recovery Tribunal (DRT) by filing Securitization Application (SA) No.652/2019. The bank withdrew the above notice and issued a fresh notice dtd. 13/1/2020 u/s. 13(2) of the SARFAESI Act for the demand of Rs.1,40,81,936.00 as outstanding debt from the borrowers. Again, the bank withdrew this notice, therefore, the aforesaid SA was dismissed as having been rendered infructuous. According to the borrowers, approximately Rs.72,99,970.00 has been paid to the bank.

(2.) The bank has published the possession notice in daily newspapers on 24/3/2020 during the nationwide lockdown period due to Covid-19. Thereafter, the bank issued a sale notice under 8(6) of the Security Interest Enforcement Rules, 2002 and put the mortgaged property to auction on 17/8/2020. The borrowers again approached the DRT by way of SA No. 240/2020 on 14/8/2020. The bank has conducted the auction proceedings on 17/8/2020 in which the present petitioner as one of the bidders offered the highest bid of Rs.1,55,10,000.00. After acceptance of his highest bid, he deposited an amount of Rs.37,77,500.00 on the same day. The Authorised Officer allowed the time till 30/10/2020 for depositing the remaining 75% of the total amount. Thereafter upon deposition of the remaining amount the bank has finalized the sale and the sale certificate was registered on 23/11/2020 in favour of the auction purchaser i.e. the petitioner and he was put into possession.

(3.) Vide order dtd. 13/11/2020, the learned DRT has dismissed the SA as no irregularity was found in the measures taken by the bank for recovery of the entire debt.