Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, Section 13(2), 14 – Security Interest (Enforcement) Rules, 2002, Rule 8 and 9 – Non- Performing Assets – Auction sale – Respondent had challenged the service of auction notice dated 30.11.2012, which plea has been accepted by the Debts Recovery Tribunal at Lucknow, by quashing the auction vide judgment and order dated 30.10.2017 – This order has been upheld by the Debts Recovery Appellate Tribunal at Allahabad and the High Court –Held that there is lapse on the part of the appellant, as they did not maintain proper records of the service of notice dated 30.11.2012 – Parallelly, cannot be oblivious to the fact that the respondent was entirely aware of the auction process in terms of the notice dated 30.11.2012 – Auction purchaser had constructed flats, which had been sold to various third parties -In view of the aforesaid facts and exercising our power under Article 142 of the Constitution of India, the appellant – Cooperative Bank directed to pay an amount of Rs.54,00,000/-in full and final settlement of his claims – The appellant will be entitled to deduct Tax At Source on this amount and will furnish certificate to this effect to the respondent – Impugned order dated 02.07.2019 passed by the High Court and the order dated 25.11.2019 passed in review application liable to be set aside – The sale by the appellant in favour of Abdul Haleem Siddiqui is upheld and confirmed -The appeals are allowed and disposed of in the above terms. (Para 9 to 12)
SUPREME COURT OF INDIA
2024 STPL(Web) 60 SC
[2024 INSC 62]
Bombay Mercantile Cooperative Bank Ltd. Through Its Authorized Signatory Vs.M/S U.P Gun House & Ors.
Civil Appeal Nos. 6244-6245 of 2021-Decided on 22-1-2024
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