S. Anilkumar v. Punjab & Sind Bank
Case brief
What is this about?
The High Court allowed writ petitions challenging a possession cum sale notice and subsequent auction sale under the SARFAESI Act. The court quashed the proceedings held barred by the law of limitation as initiated beyond the statutory period and granted a refund to the successful bidder.
What did the court decide?
The impugned possession cum sale notice and sale certificate are quashed, and the respondent bank is directed to refund the auction proceeds of Rs.78,00,500/- with interest.