FIDES CHEMICALS Vs. ORIENTAL BANK OF COMMERCE

JUDGEMENT

(1.) This writ petition was filed assailing the order dated 20.02.2019 passed by the Debts Recovery Tribunal-II, Hyderabad, in I.A.No.785 of 2019 in S.A.No.69 of 2019. By way of the said I.A., the petitioner herein, being the applicant in S.A.No.69 of 2019, sought stay of all further proceedings pursuant to the e-auction sale notice dated 20.01.2019 issued by the Oriental Bank of Commerce proposing to bring to sale the securitisation application schedule property. By the order under challenge, the Tribunal observed that it was not inclined to grant stay of the auction scheduled on 21.02.2019 but directed the bank not to issue the sale certificate in favour of the highest bidder and made the sale subject to the outcome of the securitisation application.

(2.) No interim orders were granted in this writ petition.

(3.) Ms.P.Hamsa Durga, learned counsel for the petitioner, would fairly state before this Court that the sale held on 21.02.2019 materialised but in terms of the order passed by the Tribunal, no sale certificate has been issued to the highest bidder.