Auction Sale Under SARFAESI Act Cancelled As Debtor Was Not Informed

In Ashoke Kumar vs PNB, the Hon'ble Allahabad HC while quashing the proceedings initiated post notice under Section 13(4) of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 as the said notice was issued without duly informing the debtor about the auction of property and subsequent sale.

Justice Mahesh Chandra Tripathi was hearing a petition filed by one Ashok Kumar who sought quashing of an order by the Debt Recovery Appellate Tribunal(DRAT) dated March 6, 2013 wherein an appeal against the order of the Debt Recovery Tribunal(DRT) was dismissed.

Article referred: http://www.livelaw.in/allahabad-hc-quashes-drat-order-cancels-auction-sale-sarfaesi-act-debtor-not-informed-read-judgment/

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