CLASSIC CHEMICALS LTD. Vs. DEBTS RECOVERY APPELLATE TRIBUNAL

JUDGEMENT

(1.) This Writ Petition is filed by the auction purchaser (M/S Classic Chemicals Limited) in the nature of Writ of Certiorari for setting aside the impugned order, dtd. 10/1/2025 passed by the Debts Recovery Appellate Tribunal (DRAT) at Kolkata in Appeal No.29 of 2021 and to quash the same, confirm the auction sale conducted on 22/3/2013 as valid and in accordance with The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the SARFAESI Act, 2002') and the Rules made thereunder. WP.No.4373 of 2025

(2.) This Writ Petition is filed by State Bank of India, Stressed Assets Management Branch, Hyderabad to issue a Writ in the nature of Writ of Certiorari and to call for the records of the order dtd. 10/1/2025 passed by the Debts Recovery Appellate Tribunal (DRAT), Kolkata in Appeal No.56 of 2022 against the order dtd. 5/3/2021 made in S.A.No.1115 of 2017 passed by the DRT-II, Hyderabad contrary to the provisions of the SARFAESI Act, 2002 and to set aside the same.

(3.) Learned counsel for auction purchaser in W.P.No.4623 of 2025 submits that on 14/2/2013 respondent No.2-Bank has issued e-auction sale notice. On 15/2/2013 e-auction was published in news paper. On 15/3/2013, the auction purchaser has remitted Earnest Money Deposit (EMD) of Rs.51,50,000.00 by RTGS. On 22/3/2013, the petitioner was declared as highest bidder at Rs.5,16,00,000.00. On 22/3/2013, a cheque for Rs.77,50,000.00 towards 25% of the sale consideration was deposited with the Bank as per Rule 9(3) of the Security Interest (Enforcement) Rules, 2002 (hereinafter referred to as 'the Rules, 2002').