Gajanan Highrise Private Limited Vs Uco Bank & Ors (Calcutta High Court)
Calcutta High Court held that the right of redemption retained with the borrower under section 13(8) of SARFAESI Act till the Sale is confirmed and sale certificate is issued. Accordingly, revisional applicable is liable to be set aside.
Facts- Opposite Party No 3 Bank issued the possession cum sale notice by inviting tender dated 30.12.2009. The petitioner submitted his bid and was declared successful bidder. Petitioner deposited a total amount of RS 17,50,000/-being the 25% of the total Bid and(including) the earnest Money of Rs. 6,30,000/- as per terms and paid the remaining amount of Rs. 11,20,000/- via pay order. After waiting for sale confirmation, petitioner approached bank in April 2010. As advised, petitioner paid Rs. 52,50,000/- on 7.4.2010 towards the balance bid amount for purchasing the property. On 13.4.2010, Opposite Party No 1 acknowledged the receipt but refused to confirm the sale. The Bank disclosed for and first time informed that a pending proceeding before the DRT which directly affected the right of the petitioner.
DRT rejected the application filed by the petitioner for impleadment and allowed the application filed by the Opposite Party No. 4 to 7. Petitioner appealed before the Debt Recovery Appellate Tribunal and such Appeal was dismissed. Being aggrieved this revisional application is filed for setting aside such order of the appellate Tribunal.
