- (1.) Leave granted in the Special Leave Petitions.
(2.) The appellant TSR Financial Services Pvt. Ltd. in the appeals arising out of Special Leave Petition (Civil) Nos.28335-28336 of 2015 is the auction purchaser whereas the appellant The Bihar State Credit and Investment Corporation Ltd. (hereinafter referred to as "Financial Institution") in the appeals arising out of Special Leave Petition (Civil) Nos.28787- 28790 of 2015 is an incorporated Financial Institution which had granted financial accommodation/credit to the borrower M/s Deepak Electro Casting (India) Pvt. Ltd., who is respondent No.5 in appeals arising out of Special Leave Petition (Civil) Nos.28335-28336 of 2015 and respondent No.1 in appeals arising out of Special Leave Petition (Civil) Nos.28787-28790 of 2015.
(3.) The challenge in the present appeals is to an order of the High Court dated 20th May, 2015 by which the sale in favour of the appellant TSR Financial Services Pvt. Ltd. (i.e. the auction purchaser) has been interdicted in Letters Patent Appeal(s) in confirmation of the order passed in the writ petition(s) by the learned single judge of the High Court. The High Court in the order(s) under challenge had thought it proper to interdict the sale in favour of the auction purchaser primarily on the ground that the same was effected and the property in question was delivered to the auction purchaser even before the expiry of the last date of the One Time Settlement (hereinafter referred to as "OTS") Scheme of which the borrower was entitled to seek benefits. The fact that the first auction sale was set aside/disapproved by the Board of Directors of the Financial Institution which had resulted in a second sale, without, however, any return of the purchase price and possession of the property in question was also taken into account by the High Court to arrive at the impugned conclusion. The High Court, therefore, doubted the bona fides of the sale transaction including the amount at which the sale was effected.;