SARFAESI Auction Upheld as Borrower Failed to Prove Irregularities in Sale Process

S. Sivakumar Vs S. Janaki (DRT Chennai) The Securitization Application (SA) was filed under Section 17(1) of the SARFAESI Act challenging the action taken by the secured creditor under the Security Interest Enforcement Rules, 2002. The applicants sought to set aside the auction sale held on 10.03.2023 pursuant to the sale notice dated 15.02.2023, where the outstanding amount was stated as Rs.1,82,62,825. The applicants submitted that they had availed credit facilities from the respondent financial institution and were regular in repayment initially. However, financial losses due to the Chenna...