NIRANJAN VYAS Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Niranjan Vyas, the petitioner in these cases, filed two applications under Section 17 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity, 'the SARFAESI Act'), before the Debts Recovery Tribunal-II, Hyderabad (for brevity, 'the Tribunal'). He filed SAIR No.164 of 2018 assailing the action of the State Bank of India (for brevity, 'the bank') in fixing the reserve price at Rs.3,00,00,000/- for two different properties in the sale notice dated 28.06.2017 which led to the auction sale on 09.08.2017. In SAIR No.165 of 2018, his prayer was to declare the action of the bank in fixing the reserve price at Rs.20,06,00,000/- for five properties in the sale notice published on 21.08.2017, leading to the auction sale on 08.09.2017.

(2.) Both the securitization applications were filed with delay. I.A.No.3445 of 2018 was filed in SAIR No.164 of 2018 to condone the delay of 282 days in the filing of the securitization application. A similar application, in I.A.No.3447 of 2018, was filed in SAIR No.165 of 2018 seeking condonation of the delay of 252 days in its presentation. By separate orders dated 26.04.2019, the Tribunal dismissed both the applications. Aggrieved thereby, he is before this Court. W.P.No.13928 of 2019 relates to the dismissal of I.A.No.3447 of 2018 in SAIR No.165 of 2018, while W.P.No.14005 of 2019 pertains to the dismissal of I.A.No.3445 of 2018 in SAIR No.164 of 2018.

(3.) Heard Sri C.B.Ram Mohan Reddy, learned counsel representing Sri M.V.Subba Reddy, learned counsel for the petitioner; Sri Maruthi Jadhav learned counsel representing M/s.Pearl Law Associates, learned counsel for the bank; Sri S.Ravi, learned senior counsel, and Sri Subramanyam Daraboina, learned counsel, appearing for the auction purchasers, the third respondent in each of these cases.