Sam Family Trust & Anr. v. Catalyst Trusteeship Limited & Ors.

…Appellant

…Respondent

Case No: Appeal on Diary No. 388/2023

Date of Judgement: 25/04/2023

Judges:

Mr Justice Ashok Menon, Chairperson

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Facts:

Arguments by the Parties:

Cases Cited:

In Re Saraf Paper Mills Ltd. (in liquidation) through Official Liquidator 2008 SCC OnLine Del 1262 (relied upon by the Appellants to argue that the auction sale has to be conducted in a transparent manner).

Sections and Laws Referred:

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act):

Section 13(1) (Enforcement of security interest)

Section 13(2) (Demand notice by the secured creditor)

Section 13(4) (Possession notice)

Section 14 (Chief Metropolitan Magistrate or District Magistrate to assist secured creditor in taking over possession)

Section 17 (Right to appeal)

Section 18 (Deposit of amount of debt due for filing appeal)

Section 18(1) (Pre-deposit requirement for filing appeal)

Security Interest (Enforcement) Rules:

Rule 8(5) (Valuation of the immovable secured asset)

Rule 8(6) (Publication of sale notice)

Rule 9(1) (Time of sale, issues of sale certificate, and delivery of possession)