DRAT Set Aside SARFAESI Auction for Sale Below Distress Value & Rule 8(6) Violation

Ram Bahadur Rai Vs Authorized Officer (DRAT Allahabad) The appeal before the Debts Recovery Appellate Tribunal, Allahabad arose from the dismissal of a securitisation application challenging the auction sale of a mortgaged residential property under the SARFAESI Act, 2002. The appellant had availed a housing loan from the respondent bank and had mortgaged his property by deposit of title deeds. Upon default in repayment, the loan account was classified as a non-performing asset and a demand notice dated 20.12.2007 was issued. As the dues remained unpaid, a possession notice dated 23.12.2013 wa...