- (1.) Heard Shri Vipin Kumar Srivastava, learned counsel for the petitioner, learned Standing Counsel for respondent no. 1 and Shri S.D. Sahai, who has accepted notice on behalf of respondent no. 2.
(2.) Petitioner was a guarantor of an education loan of Rs.20 lacs from respondent no. 2 Bank and mortgaged the property in question as security to the said loan. Admittedly, there was a default by the borrower and the loan was declared as Non Performing Asset and proceedings under the SARFAESI Act, 2002 (for short the 'Act') were initiated against the borrower as well as the petitioner. Objection/representation filed under Section 13 (3A) of the Act was rejected by the Bank. Subsequently, notice under Section 13 (4) of the Act was issued and the mortgaged property was put to auction.
(3.) It is an admitted case that the property was auctioned on 30.01.2016 and the sale was confirmed by the authorised officer on 02.02.2016. The auction notice dated 27.02.2015 was challenged by the petitioner by making application under Section 17 of the Act before the Debt Recovery Tribunal, Lucknow, which is still pending. Petitioner also approached this Court by filing Writ Petition No. 10877 of 2016 alleging that he was ready and willing to deposit the entire loan amount within a month. A Division Bench of this Court passed the following order on 15.03.2016. "Learned counsel for the petitioner upon instructions states that the petitioner is ready and willing to deposit the entire loan amount within a month. He further submits that on or before 28.3.2016 the petitioner will deposit Rs. 7,00,000/- and the remaining amount as may be intimated by the Bank would be deposited on or before 30.4.2016. Put up this case as a fresh case on 28.3.2016. By the said date the petitioner will fill a supplementary affidavit annexing proof of receipt of deposit of Rs. 7,00,000/- with the respondent Bank. The execution of the sale deed will remain stayed till 28.3.2016. Sri Anil Kumar, Advocate holding brief of Shri Shashi Dhar Sahai may also obtain instructions by the next date.";