The Appellant is an asset reconstruction company named Invent Assets Securitisation and Reconstruction Pvt. Ltd. The Appellant impugns the judgment dated 31.03.2022 in Appeal No. 02 of 2022 filed under Sec. 30 of the Recovery of Debts and Bankruptcy Act, 1993(‘RDB Act’, for short) on the files of the Debts Recovery Tribunal -I, Ahmedabad (D.R.T.). The second Respondent herein namely M/s Hans Ispat Ltd. has borrowed money from a consortium of two Banks namely the State Bank of India (SBI) and Bank of Baroda (BOB). The borrower defaulted on payment and the account was classified as a non-performing asset (NPA). The SBI thereafter assigned their portion of the debt to the Appellant. There were negotiations for a settlement of the debt due to the Appellant and an agreement was also drawn specifying the terms. The borrower did not stick to those terms and defaulted. In the meanwhile, BOB filed Original Application (O.A.) No. 525 of 2015 for recovery of the debt due to them and obtained a Recovery Certificate for ₹32,82,25,571/against the borrower on 15.04.2019. The judgment stands challenged by the borrower in appeal which is pending consideration. Recovery Proceedings were initiated before the Recovery Officer-I, D.R.T.-I, Ahmedabad as R.P. No. 246 of 2019. The secured assets were put up for sale in an auction. The auction failed multiple times for want of bidders. The reserve price for the property had, therefore, to be revised every time the property came up for fresh auction.
