DWARIKA PRASAD versus STATE OF UTTAR PRADESH AND ORS.

DWARIKA PRASAD versus STATE OF UTTAR PRADESH AND ORS.

Appellant failed to comply with Section 13(8) of the SARFAESI Act by not depositing the full dues, costs, charges, and expenses before the sale or transfer. Thus, upon execution and registration of the sale deed, the right of redemption stands extinguished.

Parties
Appellant: Dwarika Prasad; Respondents: State of Uttar Pradesh and Ors.
Jurisdiction
India
Judgment Date
06 March 2018
Procedural Posture
Civil Appeal / Final Disposal by Supreme Court
Outcome
Appeal disposed of
Legal Topics
SARFAESI Act Section 13(8), Right of Redemption, Auction Sale of Mortgaged Property
Banking Law Property Law SARFAESI Act Section 13(8) Right of Redemption Auction Sale of Mortgaged Property

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Parties

Dwarika Prasad

Appellant

State of Uttar Pradesh and Ors.

Respondents

Procedural Posture

Civil Appeal / Final Disposal by Supreme Court

Legal Issues

  1. 1 Whether the right of the mortgagor to redeem the property subsists after execution of the registered sale deed under Section 13(8) of the SARFAESI Act.

Ratio Decidendi

Appellant failed to comply with Section 13(8) of the SARFAESI Act by not depositing the full dues, costs, charges, and expenses before the sale or transfer. Thus, upon execution and registration of the sale deed, the right of redemption stands extinguished.

Court Disposition

Appeal disposed of

Orders

  • Bank to refund Rs 7,00,000 to appellant with interest at 9% per annum from date of deposit till payment within 8 weeks.
  • No order as to costs.