the Appellant as well as Respondents No. 3 and 4 could not be dealt with in the proceedings under the SARFAESI Act. Appellant is neither a borrower nor a guarantor. Appellant has no locus standi to challenge the Securitisation action initiated by…

Reportable/Non-Reportable
                                           
      
  
     Appeal No. 18 of   2023-DRAT-Kolkata
         IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
                                 Appeal No. 18 of 2023
          (Arising out of S.A. 20 of 2019 in DRT-II, Hyderabad)
     HON’BLE  MR.  JUSTICE ANIL KUMAR SRIVASTAVA
             CHAIRPERSON
   
M/s Mahishamardini Griha Nirman Private Limited, Branch Office at 4th 
Floor, Salarpuria Winsor No.3, Ulsur Road, Bangalore - Represented by 
its DGM - Sri Shyam Surekha, S/o Late B. K. Surekha, R/o 6-68 to 32, 
Kavadidiguda Main Road, Secunderabad-500 003.
                
        
        … Appellant
-Versus-
1.
 Authorised  Officer,  Indian Overseas Bank, Secunderabad 
Branch,
1-2-61 & 62, Parklane, Secunderabad; 
2.
Indian 
Overseas 
Bank, 
Represented 
by 
its 
Branch 
Manager, 
Secunderabad Branch, 1-2-61 & 62, Parklane, Secunderabad; 
3.
M/s. Bipasha Realtors Private Limited, 606, 6th Floor, Karan 
Center, SD Road, Park Lane, Secunderabad, represented by its 
Director, K. Srinivas Rao, Son of Late K. Swamy, R/o. Plot No. 62, 
Road No. 4, Trimurthy Colony, Mahendra Hills, Secunderabad;
4.
M/s. Bipasha Realtors Private Limited, 606, 6th Floor, Karan 
Center, SD Road, Park Lane, Secunderabad, represented by its 
Director, P. Ganesh, Son of P. Venkataiah, R/o. Plot No.15-3-97, 
Gowliguda Chaman, Hyderabad;  
5.
M/s. MSN Laboratories  
Limited, Regd. office at MSN Home, 
Plot No. C-24, Industrial Estate, Sanathnagar, Hyderabad  500 018, 
represented by its General Manager, M. Udaya Kumar Reddy, Son of 
M. Keshava Reddy, R/o. Hyderabad;
6.
Mrs. Laxmi Prasuna Manne, H.No.8-2-293/82/A/591, Jubilee Hills 
Co-Operative Housing Society Road No.31, 
Hyderabad, 
Telengana,
P.I.N. -  500 033; 
7.
Mr. Achyuth Reddy Manne, H.No.8-2-293/82/A/591, 
Jubilee Hills
Co-Operative Housing Society Road No.31, 
Hyderabad, 
Telengana,
P.I.N. -  500 033.
                       …  Respondents
Counsel for Appellants     
 
…   
Mr. Arijit Bardhan
Mr. Prasenjit Pal
Counsel for Respondents No. 1 & 2/ Bank
… 
Mr. Narayan Debnath 
(Virtual)
Counsel for Respondents No. 5, 6 & 7
…
Mr. S. Ravi, Learned 
Senior Advocate (Virtual)

2
      
  Appeal No. 18 of   2023-DRAT-Kolkata
Ms. Anshumala Bansal
Ms. Vaishnavi
JUDGMENT                         
:   
07th July, 2025
THE APPELLATE TRIBUNAL : 
1.
Instant appeal has arisen against judgment and order 
dated 2nd July, 2019, passed by Learned DRT-II, Hyderabad,  
in  S.A. 20 of 2019 (Old S.A. No. 163 of 2012 of DRT-I, 
Hyderabad) (M/s. Mahishamardini Griha Nirman Private 
Limited -vs-  Indian Overseas Bank & 4 Others) dismissing 
the
Securitisation Application filed by the Appellants.
2.
At the very outset it is to be mentioned that against the 
judgment and order of the DRT Appellants preferred a Writ 
Petition No. 2523 of 2019 before the Hon’ble High Court for 
the State of Telangana at Hyderabad which was decided on 
15th July, 2022 dismissing the writ petition as withdrawn 
with liberty to avail remedy under Section 18 of the 
SARFAESI Act (hereinafter referred to as the ‘Act’).  
Thereafter, Appellant prerferred an appeal.    
3.
As per the pleadings of the parties, the facts of the 
case, in brief, are that Respondents No. 3 and 4, namely,  
M/s. Bipasha Realtors Private Limited, are purchasers of the 
secured assets in the auction held on 15.11.2006 for a value 
of Rs.31.25 crores.  
Area was 14.20.4 acres.  
EMD of 
Rs.3.60 crore followed by Rs.2.40 crore was deposited on 
13.12.2006 leaving a balance of Rs.25.25 crore. On 
21.12.2006  Respondents No. 3 and 4 entered into an 
unregistered agreement of sale with the Appellants for sale 
of 25% of  undivided share of total extent of land purchased 

3
      
  Appeal No. 18 of   2023-DRAT-Kolkata
by them for an amount of Rs.7,81,25,000.00.  An amount of 
Rs.1.00 crore was paid by the Appellants.  In the agreement 
of sale dated 21.12.2006 right was given to the Respondents 
No. 
3 
an

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