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The Supreme Court upheld the validity of the 9th auction conducted by the bank under the SARFAESI Act for sale of the secured asset to the petitioner. The court confirmed the sale and declared the title conferred through the sale certificate dated 27.09.2023 to be absolute. The borrower's attempts to challenge the auction proceedings at a belated stage were rejected by invoking the Henderson Principle of Constructive Res Judicata and the doctrine of lis pendens. The assignment agreement dated 28.08.2023 for transfer of the secured asset to a subsequent transferee was declared void, being hit by lis pendens. The borrower and bank were directed to cancel the release deed within one week.
The Supreme Court upheld the validity of the 9th auction conducted by the bank under the SARFAESI Act for sale of the secured asset to the petitioner. The court confirmed the sale and declared the title conferred through the sale certificate dated 27.09.2023 to be absolute. The borrower's attempts to challenge the auction proceedings at a belated stage were rejected by invoking the Henderson Principle of Constructive Res Judicata and the doctrine of lis pendens. The assignment agreement dated 28.08.2023 for transfer of the secured asset to a subsequent transferee was declared void, being hit by lis pendens. The borrower and bank were directed to cancel the release deed within one week.
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