SARFAESI Sale Invalid for Breach of Mandatory 30-Day Auction Notice Rule: DART

DCB Bank Limited Vs Mohd. Ali (DART Allahabad) The appeal before the Debts Recovery Appellate Tribunal, Allahabad was filed under Section 18 of the SARFAESI Act, 2002, challenging the judgment dated 9 June 2023 by which the Debts Recovery Tribunal had allowed S.A. No. 108 of 2022 filed by the respondent-borrowers and set aside the bank’s recovery measures. The factual background shows that the borrowers were granted a loan of ₹93,48,319 by the appellant bank pursuant to a loan agreement dated 29 January 2017. To secure the loan, an equitable mortgage was created over a residential property...