ITAT Chennai Upholds DRT Order: Bonafide Purchasers Not Protected Against Existing Mortgage

A.Subramaniyan Vs Authorized Officer (DRAT Chennai) The case of A. Subramaniyan vs. Authorized Officer at the ITAT Chennai concerns an appeal filed against an order by the Debts Recovery Tribunal (DRT). The appellants, A. Subramaniyan and another, sought to challenge measures initiated by a bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. The appellants, who purchased properties in 2003, claimed they were bona fide purchasers and were not the borrowers or guarantors of any loan, nor was a security interest created ...