Deepak Roshan, J. - (1.) In the instant writ application, the petitioner has prayed for following reliefs: (i) Striking down sub section (8) of Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'SARFAESI ACT') to the extent it purports to limit the right of redemption of the petitioners with the issuance of notice of the public auction as being violative of Articles 14, 21 and 300A of the Constitution of India besides being arbitrary and discriminatory; (ii) Quashing/setting aside the judgment and order dated 03.06.2019 (Annexure-18) passed in Appeal Sr. No. 62/2018 by Sri R.S. Kulhari, Chairperson, Debts Recovery Appellate Tribunal, Allahabad (hereinafter referred to as 'DRAT') whereby and where under the order dated 22.03.2018 passed by Sri B.N. Dash, Presiding Officer, Debts Recovery Tribunal, Ranchi in S.A. No. 96/2017 (Annexure-12), allowing it, has been set aside; (iii) Quashing/setting aside the notice dated 09.07.2019 (Annexure19) issued in SARFAESI Case No. 4/2019-20 by the respondent Deputy Commissioner.
(2.) The petitioner No. 1 is Private Limited Company and petitioner No. 2 is its Director.
(3.) The relevant facts in brief are that the respondent- Bank granted credit facilities to the petitioner No.1-company through its Director. The loan was secured by mortgage of immovable property. Since the borrower failed to maintain the financial discipline, the account was classified as NPA on 01.05.2016 and the respondent- Bank initiated the proceedings for recovery of loan by issuing demand notice dated 27.07.2016 followed by possession notice dated 03.11.2016. The sale notice was issued on 30.01.2017 for auction of the mortgaged property, but the same could not be materialized. However, the second auction sale notice was issued on 06.09.2017 and published in the newspapers on 11.09.2017 scheduling the auction of the mortgaged property on 27.09.2017. As a result thereof, immovable property was sold for a sum of Rs.1,21,40,000/- and the sale certificate was duly issued on 13.10.2017 in favour of the auction purchaser who is respondent No. 2 herein.;