NCLAT Upholds Property Sale Under SARFAESI Act, Confirming Creditor's Rights and Extinguishing Borrower's Redemption Claim

NCLAT dismissed the appeal, upholding the sale transactions of properties under SARFAESI Act. The Tribunal determined that the borrower's right of redemption was extinguished upon issuance of e-auction notice, as per amended Section 13(8). The jural relationship between parties for both properties terminated prior to the Corporate Insolvency Resolution Process commencement, with sale certificates issued before the critical date. The secured creditor's actions were deemed valid, including self-purchase of properties under Sections 13(5A) and 13(5B), and the appellant's contentions regarding non-deposit of sale consideration were rejected. .....

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