ARCE POLYMERS PRIVATE LIMITED Vs. ALPHINE PHARMACEUTICALS PRIVATE LIMITED
LAWS(SC)-2021-12-14
SUPREME COURT OF INDIA (FROM: MADHYA PRADESH)
Decided on December 03,2021

Arce Polymers Private Limited Appellant
VERSUS
Alphine Pharmaceuticals Private Limited Respondents




JUDGEMENT

SANJIV KHANNA,J. - (1.) Leave granted.
(2.) The impugned judgment dated 24th January 2020 passed by the Division Bench of the High Court of Telangana at Hyderabad allows Writ Petition No. 13936 of 2019 preferred by M/s. Alphine Pharmaceuticals Private Limited and Bejjenki Bhaskara Chary (collectively referred to as the 'Borrower') and thereby sets aside and quashes the proceedings initiated by M/s. Andhra Bank (the 'Bank', for short) for sale of the mortgaged asset, namely, plot No. 66/B-1, Phase-I, IDA Jeedimetla, Quthbullapur Mandal, Medchal Malkajgiri District, Hyderabad, Telangana (hereinafter referred to as the 'Subject Property') as being in violation of the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Security Interest (Enforcement) Rules, 2002 (hereinafter referred to as the 'SARFAESI Act' and the 'Rules' respectively).
(3.) Aggrieved by the said judgment, the present appeals have been preferred by M/s. Arce Polymers Private Limited, (for convenience, we would refer M/s. Arce Polymers Private Limited as the 'Second Purchaser') who had purchased the property from the original auction purchaser, namely, Basa Chandramouli; and by the Bank.;


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