Content Provider | Supreme Court of India |
---|---|
e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
Headnote | Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – Section 13 – Enforcement of Security Interest – Notice to Sale – Rule 9 of the SARFAESI Rules – 30 days’ notice – The present appeal challenges the common judgment of the High Court disposing of four writ petitions – Loan transaction of Rs. 21,14,00,000/- between AC Pvt. Ltd. (borrower) and Bank (Respondent No. 5) – 4 properties were mortgaged as security – Borrower was categorised as Non- Performing Asset – First Sale Notice was issued on 21.01.2012 in respect of all the 4 properties scheduling the date for sale on 27.02.2012 – On application of Appellants and Respondent No. 2 to 4, DRT vide order dated 27.02. 2012 granted interim stay for 30 days on the sale subject to the deposit of the 50% of outstanding amount – On 28.03.2012 one of the mortgaged properties was sold by the Bank through a private treaty for Rs. 12.25 Crores – Second sale notice was issued in regards to the outstanding amount of Rs. 11,99,53,926/- on 9.07.2012 scheduling the sale on date 20.07.2012 on which the two of the mortgage properties were sold to auction purchaser (Respondent No.1) for consideration of Rs. 4,86,21,000/- – Sale certificate in favour of auction purchaser issued on 13.09.2012 – Third sale notice dated 27.09.2012 was issued for the sum of Rs. 6,76,07,054/- and the date of sale was scheduled on 30.10.2012, however, the High Court in vide an interim order restrained the respondent-bank and the auction purchaser from taking physical possession of the properties – A sum of Rs. 12 crore was paid to the respondent bank against the sale of the remaining of the mortgage property which owned by the Respondent No. 3, after the sale, the respondent bank had excess amount of 4.48 Crores for which Respondent No. 3 was entitled – DRT set aside the Second Sale Notice and the consequent sale of mortgaged properties – Directed Respondent-Bank to refund the amount paid by auction purchaser along with 10% Interest and refund of surplus sum of Rs. 4.48 Crores to the Respondent No. 3 along with 10% Interest – On appeal, DRAT, set aside the order of DRT, except in respect of payment of excess amount to third respondent – High Court upheld the order of the DRAT – Held: Sale scheduled on 27.02.2012 in pursuance of First Sale Notice could not take place on account of the interim orders Passed by the DRT on the representation of the guarantors – One of the properties was sold for Rs. 12.25 Crores through a private treaty, but this could not fulfil the entire claim – Hence, Second Sale Notice was issued which was in the continuation of the proceedings of the First Sale Notice, therefore providing of 30 days’ clear notice is not necessary – Order of the DRT was not sustainable insofar as setting aside the sale – DRAT has rightly reversed the same which was upheld by the High Court – Auction purchaser was the successful bidder and the sale was register in his favour – But for the 9 years, he could not enjoy the fruit of the said sale, therefore, the appellants are directed to handover the vacant and peaceful possession of the properties to the Auction purchaser along with the rent received by the appellants. Litigation – Series of – Recourse to series of proceedings to block the enforcement of a security interest – Dilatory tactics – Held: Every attempt has been made to frustrate the purpose of the SARFAESI Act – Three rounds of litigation – It appears that the appellants were only interested in protracting the litigation as, they had more than one opportunity for redemption of mortgage however, they did not avail the opportunity – Sale in pursuance of First Sale Notice could not take place on their incorrect misrepresentation. |
Judge | Hon'ble Mr. Justice Bhushan Ramkrishna Gavai |
Neutral Citation | 2021 INSC 534 |
Petitioner | S. Karthik & Ors. |
Respondent | N. Subhash Chand Jain & Ors. |
SCR | [2021] 13 S.C.R. 1096 |
Judgement Date | 2021-09-23 |
Case Number | 5920 |
National Digital Library of India (NDLI) is a virtual repository of learning resources which is not just a repository with search/browse facilities but provides a host of services for the learner community. It is sponsored and mentored by Ministry of Education, Government of India, through its National Mission on Education through Information and Communication Technology (NMEICT). Filtered and federated searching is employed to facilitate focused searching so that learners can find the right resource with least effort and in minimum time. NDLI provides user group-specific services such as Examination Preparatory for School and College students and job aspirants. Services for Researchers and general learners are also provided. NDLI is designed to hold content of any language and provides interface support for 10 most widely used Indian languages. It is built to provide support for all academic levels including researchers and life-long learners, all disciplines, all popular forms of access devices and differently-abled learners. It is designed to enable people to learn and prepare from best practices from all over the world and to facilitate researchers to perform inter-linked exploration from multiple sources. It is developed, operated and maintained from Indian Institute of Technology Kharagpur.
Learn more about this project from here.
NDLI is a conglomeration of freely available or institutionally contributed or donated or publisher managed contents. Almost all these contents are hosted and accessed from respective sources. The responsibility for authenticity, relevance, completeness, accuracy, reliability and suitability of these contents rests with the respective organization and NDLI has no responsibility or liability for these. Every effort is made to keep the NDLI portal up and running smoothly unless there are some unavoidable technical issues.
Ministry of Education, through its National Mission on Education through Information and Communication Technology (NMEICT), has sponsored and funded the National Digital Library of India (NDLI) project.
Sl. | Authority | Responsibilities | Communication Details |
---|---|---|---|
1 | Ministry of Education (GoI), Department of Higher Education |
Sanctioning Authority | https://www.education.gov.in/ict-initiatives |
2 | Indian Institute of Technology Kharagpur | Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project | https://www.iitkgp.ac.in |
3 | National Digital Library of India Office, Indian Institute of Technology Kharagpur | The administrative and infrastructural headquarters of the project | Dr. B. Sutradhar bsutra@ndl.gov.in |
4 | Project PI / Joint PI | Principal Investigator and Joint Principal Investigators of the project |
Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon |
5 | Website/Portal (Helpdesk) | Queries regarding NDLI and its services | support@ndl.gov.in |
6 | Contents and Copyright Issues | Queries related to content curation and copyright issues | content@ndl.gov.in |
7 | National Digital Library of India Club (NDLI Club) | Queries related to NDLI Club formation, support, user awareness program, seminar/symposium, collaboration, social media, promotion, and outreach | clubsupport@ndl.gov.in |
8 | Digital Preservation Centre (DPC) | Assistance with digitizing and archiving copyright-free printed books | dpc@ndl.gov.in |
9 | IDR Setup or Support | Queries related to establishment and support of Institutional Digital Repository (IDR) and IDR workshops | idr@ndl.gov.in |