Supreme Court of India
Sidha Neelkanth Paper Industries Pvt. Ltd. & Anr v. Prudent Arc Ltd. & Others
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What the Court ordered
In view of the above and for the reasons stated above, the respective appeals preferred by the financial institution/assignee and auction purchasers being civil Appeal Nos. 8970, 8972, 8973 and 8974 of 2022 are hereby allowed.
Judgment, page 20
From the headnote
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002: s.18 – Appeal to appellate tribunal – Pre-deposit of 50% of the amount due from the borrower as claimed by the secured creditor under the second proviso of s. 18 – Requirement of – Auction sale – Amount already been recovered/realised by the secured creditor by selling the mortgaged property through an auction– While calculating the amount of “debt due”, the amount deposited by the auction purchaser on purchase of the secured assets, if to be adjusted and/or appropriated towards the amount to…
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