AXIS BANK LIMITED Vs. STATE OF GUJARAT

JUDGEMENT

(1.) By this writ-application under Article 226 of the Constitution of India, the writ-applicant has prayed for the following reliefs:-

(2.) We need not delve much into the facts of this litigation as the issue involved is in a very narrow compass and no longer res- integra in view of the two pronouncements of this High Court as under:

(3.) The respondents nos.3 and 4 respectively are the original borrowers. They had availed loan facility from the writ-applicant - bank. At the time of grant of the necessary finance, the original borrowers had mortgaged the subject property and thereby, had created a charge in favour of the writ-applicant - bank. As the original borrowers defaulted in the repayment of the loan amount, the subject property was taken over by the writ-applicant - bank in accordance with the provisions of the SARFAESI Act , 2002 and was ultimately, put to auction. The respondent no.5 was declared as the highest bidder in the public auction conducted by the bank. The bid ultimately came to be finalized in favour of the respondent no.5. The bank has put the respondent no.5 in possession of the subject property. The sale certificate has also been issued by the bank. The sale-deed has also been registered in favour of the respondent no.5 duly executed by the bank.