Shivanna S M vs M/S Canara Bank Represented By Branch Manager At Arm Branch, 2nd Floor, Circle Office, Spencer Towers, No. 86, M.G. Road, Bengaluru & Ors.

Hemant Chandangoudar, J

The petitioner challenges the sale certificate dated 3.9.2024 issued by the respondent No.1-Bank, and challenging the very same sale certificate, the petitioner had approached the Debt Recovery Tribunal ( for short 'DRT') under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short `SARFAESI Act, 2002'). The DRT by order dated 30.10.2024 dismissed the petition and confirmed the sale certificate issued in favour of the auction purchaser.

Against the order passed under Section 17 of the Securitization and Reconstruction and Financial Institutions Act, 2002, equally an efficacious remedy of appeal is provided to the Debt Recovery Appellate Tribunal under Section 18 of the SARFAESI Act, 2002.

Therefore, the petition is disposed of reserving liberty to the petitioner to challenge the order passed by the DRT under Section 18 of the SARFAESI Act, 2002.

Till 30.11.2024, the respondent-Bank shall not dispossess the petitioner from the mortgage property.

It is made clear, in the event, the Debt Recovery Appellate Tribunal does not grant an interim order, the respondent-Bank is at liberty to take physical possession of the mortgaged property following the order passed by the Jurisdictional Magistrate under Section 14 of the SARFAESI Act, 2002.

All the contentions of the parties are kept open

Hand delivery ordered.