SC Restores Auction Sale Because Borrower’s Right of Redemption Ended After Auction Notice

M. Rajendran & Ors. Vs KPK Oils And Protiens India Pvt. Ltd. & Ors. (Supreme Court of India) The Supreme Court considered two connected appeals arising from a common judgment of the Madras High Court, which had quashed a sale certificate issued in favour of auction purchasers under the SARFAESI Act and directed the bank to permit the borrowers to redeem the mortgaged property after clearing the loan dues. The dispute arose after the borrowers defaulted on credit facilities obtained from the bank, leading to classification of the account as a Non-Performing Asset (NPA), issuance of dema...