MAHESH CHANDRA TRIPATHI,J. - (1.) Heard Shri Munish Malhotra along with Shri Manu Khare, learned counsel for the petitioner. Shri Siddharth appears for first respondent. Shri Manoj Kumar Singh appears for second respondent.
(2.) M/s Koelee Sportswear Inc. through its proprietor Sri Kamal Kant Jain is before this Court assailing the order dated 29.01.2015 passed by the Debts Recovery Appellate Tribunal, Allahabad (DRAT) in Appeal Sr. No. 112/2014 (M/s Koelee Sportswear Inc. v. Canara Bank and Anr.) .
(3.) The petitioner, who is a borrower, has filed an S.A. before the Debts Recovery Tribunal, Lucknow (DRT) challenging the action initiated by the bank under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) leading to the sale of the property by way of auction. The DRT had dismissed the S.A. on the ground that earlier the petitioner had approached to the Division Bench of this Court and the sale by auction of the property has been held pursuant to the orders passed by the High Court and as such there was no occasion for entertaining the said S.A. and the DRT had refused to interfere in the said proceedings. The same has impelled the petitioner to approach to the DRAT but the DRAT has also rejected the claim set up by the petitioner vide impugned order dated 29.01.2015.;