191090004242020_78cddfc0c9db1ad81d6ebc479c1c5205.pdf

Diary No. 424 of 2020-DRAT-Kolkata
     IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
                               (Diary No. 424 of 2020)
   (Arising out of M.A. 12 of 2019 in Diary No. 777 of 2018 DRT, Cuttack)
THE HON’BLE  MR.  JUSTICE ANIL KUMAR SRIVASTAVA
             CHAIRPERSON
1. State Bank of India, a body corporate, constituted under the 
Banking Companies (Acquisition and Transfer of Undertakings) 
Act, 1970, having its Corporate Office at State Bank Bhavan, 
Madame Cama Road, Nariman Point, Mumbai – 400 021 and
carrying on business, inter alia, from its Stressed Asset Recovery 
Branch, Represented through its Assistant General Manager, Plot 
No. 778, Sahid Nagar, Bhubaneshwar – 751 007.
2. State Bank of India, represented through its Chief Manager, Plot 
No. 778, Sahid Nagar, Bhubaneshwar, District : Khurda.
             … Appellant
                                  -Versus-
1. Giridhari Sahoo, son of Late Ghanashyam Sahoo, residing at 
Rathijema, Charimania, P.S. Balkati, District - Khurda;
2. Makar Dhwaja Sahoo, son of Giridhari Sahoo, Rathijema, 
Charimania,   P.S.  Balkati,   District –  Khurda and at present 
M/s. Mahalaxmi Jewellery, Plot No. 3660/4008, Gouri Nagar, 
Bhubaneshwar – 751 002, District – Khurda.
                …  Respondents
3. Asish Das,  Son of Late Baishnab Ch. Dash, Purana Mukadam 
Sahi, P.O. Balkati, P.S. Balianta, District – Khuda.
    …  Proforma Respondent
Counsel for the Appellant 
 …   Mr.      Debasish    Chakrabarti   with 
      Ms. Shamistha Pal
Counsel for Respondent No. 3    …    Ms. Sukriti Dutta and Mr. Akash Biswas, 
       representing Mr. Tuna Sahu  
None for Respondents No. 1 & 2
JUDGMENT                         :   20th April, 2022
THE APPELLATE TRIBUNAL : 
This Appeal has been preferred  by the Appellant against the 
judgment and order dated 18th September, 2020 passed  by Learned 
Debts Recovery Tribunal, Cuttack in M.A. 12 of 2019 arising out of 

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 Diary No. 424 of 2020-DRAT-Kolkata  
Diary No. 777 of 2018 whereby application of the Appellant/Petitioner, 
moved under Section 5 read with Section 14 of the Indian Limitation 
Act, was allowed condoning the delay in filing the S.A.  
2.
It appears that Respondent No. 1 had applied for sanction of 
Cash Credit Facility of Rs.10.00 lac  with the Applicant Bank in the 
year 2009. Respondent No. 2, Makar Dhawaja Sahoo, executed the 
Deed of  Guarantee  and  created  equitable  mortgage in respect of 
the  property  situate at Mouza Pratap Sahar (Balikati) under Khata 
No. 1616/981, Plot No. 2504, Area 0.70 decimals by depositing Sale
Deed No. 1091 of 2007. Respondent  No. 1 enjoyed   the  said loan 
but failed to repay the dues to the Applicant Bank. Subsequently, on 
31st July, 2011, the loan account was classified as N.P.A. Thereafter, 
Appellant  invoked   provisions   of   the   SARFAESI   Act, 2002 
(hereinafter referred  to as the ‘Act’)   and issued Demand Notice on
6th February, 2012. After expiry of sixty days, symbolic possession was 
taken by the Applicant Bank on 26th September, 2012.   
3.
No representation was preferred by the Respondents under 
Section 13 (2) of the Act. Respondents, on 22nd December, 2013, 
approached the Applicant Bank with an offer of Rs.9.00 lac towards
settlement of the loan account, which, however, failed and/or did not 
materialize. Valuation of the property was taken by the Bank under 
Rule 8 (5) of the Act. 
4.
Initially, the property was put to sale on 21st October, 2016, 
which,  however,  did  not  materialize  for   
want of bidder. 
Thereafter, the property was again put on e-auction, on 19th February, 
2018. Fifteen days notice, under Rule 8 (6) of the Act was issued on 
22nd January,  2018 and  the   same was published in newspaper on 
3rd February, 2018. By  the e-auction, held on the 19th of February, 
2018, the  property was sold for a sum of Rs.11,03,000.00 and the 
said  sum  was   paid   by   the  Auction  Purchaser.  Sale Certificate 
was  issued on  6th M

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