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The Tribunal ruled that the bank followed Rule 8 of the SIE Rules by publishing the sale notice in two newspapers and serving it on the borrower. The auction conducted under SARFAESI was upheld.
The Tribunal applied the Supreme Court’s ruling that Section 11 of the SARFAESI Act provides a mandatory arbitration mechanism for disputes between banks or financial institutions involving unpaid dues.
DRAT Allahabad set aside the DRT order for not examining the borrower’s plea of non-service of Section 13 notice. The case was remanded for fresh adjudication after proper hearing.
The Tribunal upheld conditional delay condonation, directing payment of ₹20 lakh as a prerequisite while temporarily deferring possession, reaffirming compliance with Tribunal-imposed conditions.
The appellate tribunal held that a legal representative cannot raise objections not taken by the deceased defendant. The order striking off the defence was upheld.
The Tribunal held that sale of property below the distress value fixed by the bank’s own valuer is impermissible under SARFAESI. The auction and all subsequent actions were set aside.
The dispute concerned an interim restraint on enforcement under Section 14 of SARFAESI. The Appellate Tribunal declined to examine merits and directed expedited disposal of the pending securitization application.
The appellate tribunal upheld cancellation of enforcement proceedings after finding violations in service of possession and sale notices, emphasizing strict compliance with statutory rules.
The appellate tribunal held that staying recovery proceedings through a SARFAESI application was without jurisdiction when an alternative appeal remedy under the RDDBFI Act was available.
DRAT Allahabad held that initiation of proceeding under SARFAESI Act for the same debt due after rejection of claim under Co-operative Societies Act is not justifiable. Accordingly, the present appeal is allowed.
