BIMLA SINGH Vs. AUTHORISED OFFICER, ALLAHABAD BANK

JUDGEMENT

(1.) THE present appeal is preferred under Section 18 of the SARFAESI Act, 2002 challenging the order passed by the Tribunal on 5th February, 2013 in S.A. No. 272/2012, by this order the securitisation application has been dismissed by the Tribunal. The impugned order has been passed by the Presiding Officer, DRT, Jabalpur and on the date of order the Presiding Officer, DRT, Jabalpur was holding the charge of the DRT, Lucknow.

(2.) THE relevant facts for the adjudication of the present case are that the appellants are the borrowers and the recovery amounting to Rs. 6,06,725/ - with interest was to be effected after issuing the notice of demand dated 23rd April, 2009. The same was not paid and the property was put to auction. The sale proclamation was published on 19th December, 2012. The auction as such was challenged by the appellant by filing the securitisation application under Section 17 of the Act, 2002 before the Tribunal.

(3.) EARLIER , the appeal was dismissed by the Registrar for not depositing the amount up to the extent of 25% which was mandatory by virtue of Section 18 of the SARFAESI Act, 2002. Thereafter, the appellant moved an appeal -in -chamber for recall of that order, as the amount of 25% was deposited through two Demand Drafts. On appeal -in -Chamber preferred by the appellant, this Tribunal directed to issue the notice to the respondent Bank.