- (1.) Heard Sri Sarveshwari Prasad for the petitioner; Sri Sanjeev Singh for the respondent no.1; learned Standing Counsel for respondent no.2; and perused the record.
(2.) A proceeding under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (In short SARFAESI Act, 2002) was drawn against M/s. Shiksha Education Trust. Aggrieved by those proceedings, M/s. Shiksha Education Trust filed an application (i.e Securitisation Application No.107 of 2020), under Section 17 of the SARFAESI Act, 2002, before the Debts Recovery Tribunal, Allahabad. During the pendency of those proceedings, the secured asset was put for auction/sale. To put a stay on the auction the applicant moved an application. When stay could not be obtained it approached the Debts Recovery Appellate Tribunal. When it failed to secure relief there, the applicant (i.e. M/s. Shiksha Education Trust) filed Writ C No.8816 of 2021 in this Court. This Court, by order dated 15th March, 2021, disposed off the writ petition filed by M/s Shiksha Education Trust by directing that the auction scheduled to be held on 16th March, 2021 shall remain stayed till the case is finally decided by the Debts Recovery Appellate Tribunal, Allahabad. However, despite the injunction order of this Court, the auction proceeded on 16th March, 2021. In that auction, the petitioner was the highest bidder. But, later, upon finding that the auction was stayed by the writ court, the auction agency (MSTC), on the web site concerned, marked the status of the auction as cancelled. Subsequently, Securitisation Application No.107 of 2020 filed by M/s. Shiksha Education Trust came to be dismissed by the Debts Recovery Tribunal, Allahabad vide judgment and order dated 15th June, 2021.
(3.) Consequent to the dismissal of the Securitisation Application filed by M/s. Shiksha Education Trust, this writ petition has been filed by the petitioner, that is, the successful bidder in the auction held on 16th March, 2021, for quashing the cancellation status of the auction and for a direction upon the Authorized Officer, Bank of India to hand over the possession of the auctioned property to the petitioner after confirmation of its sale after deciding the representation made by the petitioner on 17th June, 2021, followed by reminder dated 23rd June, 2021.;