2015 (7) TMI 1251 - HC - Indian Laws

Auction of the mortgaged property - application under Section 17 of SARFAESI Act - Held that - On the basis of assertion made on behalf of the petitioner, we deem it appropriate to direct the Tribunal to decide the application filed by the petitioner under Section 17 of the Act expeditiously. We further direct that the Tribunal and/or the secured creditors shall not confirm the auction till such time, the application is decided by the Tribunal. With such directions, the instant writ petition stands disposed of.

Summary

The High Court directed the Tribunal to decide the application under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 expeditiously. The Tribunal and secured creditors were prohibited from confirming the auction until the application was decided.