- (1.) The first respondent had extended credit facility to a borrower by the name of M/s. Ram Charan Edibles. The borrower committed a default in the payment of the outstanding dues. Following this, the bank took recourse to the measures under section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act).
(2.) The bank took physical possession of certain immovable properties which were mortgaged in its favour which are described in the sale certificate that was eventually issued in favour of the petitioner, who is the auction purchaser, as follow: "Land & Building Arazi No.316, MI 1 Biswa 11 - 12 Dhoor Mauza Sonkhari, Gopiganj Tehsil -Gyanpur, Sale deed 2764 dt. 11.08.79; Boundary - Kanhaiyalal Ke Bedari Ke uttar me. Land & Building Arazi no.316, MI 1 Biswa 11 - 12 Dhoor; Mauza Sonkhari, Gopiganj Tehsil -Gyanpur, Sale deed 2762 dt. 11.07.79. Boundary Kishan Lal ke Bedari ke uttar me. Land & Building Arazi no.316, MI 1 Biswa 11 - 12 Dhoor Mauza Sonkhari, Gopiganj Tehsil -Gyanpur, sale deed 2763 dt. 11.07.79. Boundary Sai Mubbaiya Janib South. Plot at Arazi 55 MI 3 Biswa 13.75 Dhoor, Mauza Pure Gulab, Gopiganj, Tehsil Gyanpur Sale Deed 590 dt. 01.01.91 Boundary North - Bag Bedran Majkur, South - Kabristan; East - Land of Bateshwar Prasad; West - Ahata Sukhiya Devi & Bansi Devi, Shai bedaran Majkur ke bagh se sata Hua Janib Dakshin ke taraf hai. Plot Arazi 55 MI 4 Biswa 18.75 Dhoor Mzuza Pure Gulab, Gopiganj Tehsil - Gyanpur sale deed 673 dt. 25.01.91 Boundary - North - Bagh Mahajan Majkur, South Kabristan East - Part of Arazi Majkur's share West - Land of Kanhaiya Lal etc."
(3.) The first respondent issued an auction notice on 13 November 2013 in the newspapers. The petitioner participated in the auction which was held on 13 December 2013 and submitted the highest bid of Rs.68.10 lacs. The bid was accepted and the petitioner deposited the complete amount payable within the time stipulated which was duly accepted by the bank. A sale certificate was issued by the bank in favour of the petitioner on 31 December 2013 recording the sale of the properties described earlier, free from all encumbrances known to the secured creditor. In pursuance of the sale certificate, a sale deed was executed by the bank in favour of the petitioner on 21 May 2014. The sale deed has been registered. On 22 May 2014, a joint possession memo was executed by the petitioner and the representatives of the bank which recorded that the petitioner had taken possession of certain movable property which would remain in his custody subject to the directions of the bank.;