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Sale of secured asset under SARFAESI couldn’t be set aside as defaulters failed to exercise right of redemption

August 22, 2019[2019] 108 316 (SC)

SARFAESI : Where appellant defaulters failed to exercise their right of redemption before registration of sale certificate, sale of their secured property pursuant to notice issued under SARFAESI could not have been set aside

• Appellants became defaulters and accordingly their secured property was brought to sale. Before appellants could exercise their right to redemption, registration of sale certificate took place. Further, narrative of appellants that they had made a valid tender towards subject loan accounts before registration of sale certificate, had been found to be tenuous. Thus, writ petitions filed by appellants praying for setting aside of notice issued by respondent bank in exercise of powers under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and consequent sale of subject property and sale certificate issued in pursuance thereof could not have been set aside.

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