D. NAGESWAR RAO Vs. S.B.I. AND ORS.
SUPREME COURT OF INDIA
D. Nageswar Rao
S.B.I. And Ors.
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(1.) Leave granted.
(2.) The appellant committed default in repaying the loan availed by him from the Respondent No.1-Bank. Consequently, the Bank initiated steps under The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 to recover the loan amount and obtained a decree for an amount of Rs.92,94,183/-.
(3.) Since the appellant could not satisfy the decreetal amount, the Bank proceeded further and put the property to auction. Respondent No.3 is the auction purchaser. The property was auctioned for an amount of Rs.48,80,000/-. The Respondent No.3 had deposited the entire amount of Rs.48,80,000/- before the Debt Recovery Tribunal, though belatedly, and the same is kept in an interest bearing account.;
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