Case Law Details
Case Name : Syed Nazmul Hasan Vs Authorized Officer (DRAT Allahabad)
Related Assessment Year :
Courts :
Debt Recovery Appellate Tribunal.
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Syed Nazmul Hasan Vs Authorized Officer (DRAT Allahabad)
The appeal was filed under Section 18 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) against the judgment dated 26.06.2014 whereby Securitization Application (S.A.) No. 220/2011 was dismissed by the Tribunal below.
The appellant had availed a housing loan of Rs. 6 lakhs from the respondent bank by mortgaging his house through deposit of original title deeds. On default in maintaining financial discipline, the loan account was classified as a No
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Author Bio
This DRAT judgement will create lot of complication. Already SC given verdict on BAFFNA vs UBI case that once the sale notice served the borrower’s eligibility for the redemption of property got extinguished. unless otherwise throw away price, collusion between auction purchaser and the secured creditor proven, selling the property below the reserve price, other errors cannot be considered to set aside a Auction sale.
moreover the SA filed on 2011, sale concluded on 2011, verdict coming on 2026.
How the things can be reversed.
this will make the sarfaesi act weak and any auction purchaser will come forward to participate in a auction