KAILASH CHAND NAYAK Vs. GIC HOUSING FINANCE LTD

JUDGEMENT

(1.) INSTANT petition is directed against the auction proceedings initiated by the secured creditor after securitization application No.24/2010 filed by the petitioner came to be rejected by the Debt Recovery Tribunal vide order dated 23.4.2010 as his counsel pleaded no instructions.

(2.) COUNSEL for the petitioner submits after the securitization application came to be rejected by the Tribunal vide order impugned dated 23.4.2010, immediately application was filed for recalling/restoration of the securitization application with the request that the matter may be heard on merits. Although on application filed by the petitioner seeking recalling/restoration of the securitization application, the Tribunal issued notice to the lawyer who appeared on his behalf but as there was no stay operating during the intervening period, the respondents initiated auction proceedings with respect to the mortgaged property of the petitioner, thus at that stage, he was left with no option but to approach this Court so as to safeguard his interest.

(3.) WITH these directions/observations, the writ petition stands disposed of.