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HC held that post-2016 amendment to Section 13(8) SARFAESI, only the borrower's right of redemption is extinguished upon publication of the sale notice; ownership in the secured asset transfers only upon issuance of a sale certificate under Rule 9(6). Relying on Indian Overseas Bank and Delhi HC precedent, the Court held that once an interim moratorium under Section 96 IBC commences, the secured creditor cannot accept balance consideration or complete the statutory sale. As substantial payments and receipt thereof occurred after the interim moratorium, no sale certificate could lawfully issue and no ownership passed to the auction purchaser. The petitioner, therefore, had no right to possession. Writ petition dismissed.
HC held that post-2016 amendment to Section 13(8) SARFAESI, only the borrower's right of redemption is extinguished upon publication of the sale notice; ownership in the secured asset transfers only upon issuance of a sale certificate under Rule 9(6). Relying on Indian Overseas Bank and Delhi HC precedent, the Court held that once an interim moratorium under Section 96 IBC commences, the secured creditor cannot accept balance consideration or complete the statutory sale. As substantial payments and receipt thereof occurred after the interim moratorium, no sale certificate could lawfully issue and no ownership passed to the auction purchaser. The petitioner, therefore, had no right to possession. Writ petition dismissed.
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