PRADEEP KUMAR LATHAR vs 1. ADVANCE SURFACTANTS INDIA LTD., (UNDER LIQUIDATION) & ORS.

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 02nd JULY, 2025 IN THE MATTER OF: + W.P.(C) 6045/2021, CM APPL. 19129/2021, CM APPL. 19130/2021 & CM APPL. 43275/2022 PRADEEP KUMAR LATHAR .....Petitioner Through: Mr. Sakal Bhushan, Mr. Vasu Bhushan & Mr. Nipun Bhushan, Advs versus 1. ADVANCE SURFACTANTS INDIA LTD., (UNDER LIQUIDATION) & ORS. .....Respondents Through: Mr. Pallav Saxena, Mohammad Nausheen Samar, Mr. Avijit Sharma, Mr. Nipun Sharma, Ms. Supreeti Chauhan & Ms. Akriti Singh, Advs. for R-2 to 9. Mr. Sanjeev Sagar, Sr. Adv. with Ms. Nazia Parveen Adv. for R-10. CORAM: HON'BLE MR. JUSTICE SUBRAMONIUM PRASAD HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR JUDGMENT SUBRAMONIUM PRASAD, J. 1. The challenge in the present Writ Petition is to the order dated 17.05.2021, passed by the Debts Recovery Appellate Tribunal (DRAT) dismissing Appeal No.481/2019, which was filed by the Petitioner herein against the Order dated 01.11.2019, passed by the Debts Recovery Tribunal Signature Not Verified Digitally Signed By:SHAZAAD ZAKIR W.P.(C) 6045/2021 Page 1 of 16 Signing Date:04.07.2025 12:37:56 (DRT) in SA No.351/2018. The DRT vide Order dated 01.11.2019 had quashed the auction of the property which has been upheld by the DRAT. 2. It is pertinent to mention here that the Petitioner herein is the auction purchaser. Respondents No.1 to 9 are the borrowers and the Respondent No.10 is the financial institution/creditor. 3. Shorn of unnecessary details, the facts leading to the present Petition are as under:- a. Respondents No.1 to 9 availed a term loan of Rs.23 crores from Respondent No.10 herein. It is stated that the loan was secured by creating an equitable mortgage over the built-up property and land situated at Khasra No.510/1(2-4), 511-1(5-5) and 511/2/1, Village