KOTAK MAHINDRA BANK LIMITED vs REVONA INDUSTRIES on 2 July 2025

Court of the Presiding Officer Debts Recovery Tribunal, Jaipur

Item No. 47 Case No. Appeal/9/2021 KOTAK MAHINDRA BANK LTD VS REVONA INDUSTRIES Date: 02.07.2025 Proceedings through hybrid mode: Present: Smt. Anita Agarwal, Counsel for the Applicant Heard the appeal.

Cousnel for the bank submits that RC is pending since 2008 and with great difficulty and efforts, the property was put to auction in which 5 plots were sold. She submtis that without any objection of any party, auction of three plots was set aside on the ground that only single bid was received. The Recovery Officer presumed that there was insufficient publicity for the auction, but he failed to notice that RChas been pending for almost 13 years and the amount involved is more than Rs. 13.00 Crore.

This Tribunal can not agree with such finding which is taken suo moto despite the fact that there is no objection or application before Recovery Officer by any perspective buyer that I could not have proper notice for the auciton, therefore, these orders passed by Recovery Officer dated 12.07.2021 are quashed. The sale stands confirmed. Recovery Officer is directed to issue sale certificate in the name of purchaser. Possession if any shall also be handed over to such purchaser.

Copy of the order be sent to the Recovery Officer for compliance.

Accordingly, Appeal stands disposed off, all pending IAs also stands disposed off, if any. File be consigned to record as per rules. Copy of order be uploaded on website. “DASTI” (Vimal Gupta) Presiding Officer Debts Recovery Tribunal, Jaipur