Interest on Auction Refund Upheld Due to Bank’s Procedural Lapses: DART Kolkata

Kotak Mahindra Bank Limited Vs MD Developers (DART Kolkata)

The appeal before the Debts Recovery Appellate Tribunal, Kolkata, arose from a judgment dated 12 March 2025 passed by the Debts Recovery Tribunal, Visakhapatnam in S.A. No. 450 of 2023. By that judgment, the DRT had allowed the securitisation application, set aside the e-auction sale notice dated 24 July 2023 along with the auction conducted by the Bank, and directed the Bank to refund the auction amount to the auction purchaser with interest at the rate of 9% per annum from the date of payment until repayment, to be made

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