Union Bank of India v. Rcc Infraventures Ltd.

Appeal Dy. No. 46/2023 Date: 23.01.2023

Union Bank of India Vs. RCC Infraventures Ltd.

Present: Shri Sandeep Arora, counsel for the appellant, Shri S. K. Gupta, counsel for the respondent-Auction Purchaser,

Heard the learned counsels for the parties.

The present appeal has been filed under section 18 of the SARFAESI Act against the interim order dated 21.12.2022 passed by the Tribunal below in S.A. No. 650/2022.

Learned counsel for the appellant submits that vide impugned order, two operative directions have been made, one for restraining the Bank from auctioning the property in question on 21.12.2022 and the second to consider the proposal of the applicant with regard to prospective buyers, if they are ready to purchase the properties on higher side.

Learned counsel for the appellant further submits that after issuance of demand notice and possession notice, the respondent-Bank published the sale notice on 14.10.2021 for auction of the property situated at Wajeerabad, Tehsil and District-Gurgaon (Haryana), which was challenged by the respondents-borrowers by filing the S.A. No. 461/2021 on 26.10.2021 before the DRT, Lucknow, but the said sale could not be materialized. The appellant-Bank issued another sale notice fixing 29.04.2022 for auction of the same property and the same was sold for a sum of Rs. 7.26 crores and the sale certificate has also been issued in favour of the auction purchaser on 28.06.2022. The Tribunal below has dismissed the said S.A. vide order dated 17.06.2022. Against the said dismissal order, the respondents-borrowers preferred a writ petition no. 20317/2022 before the Hon’ble High Court, which was also disposed off vide order dated 19.07.2022. It is