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2021 (8) TMI 699 - AT - Insolvency and BankruptcyCancellation of the sale effected by respondent i.e. State Bank of India in favour of auction purchaser - seeking appropriate directions to the respondent i.e. State Bank of India to give effect for reversing this sale transaction - HELD THAT:- In view of the admitted facts of this case and further in view of the Judgement of the Hon’ble Supreme Court reported in the case of B. ARVIND KUMAR VERSUS GOVERNMENT OF INDIA AND ORS. [2007 (5) TMI 657 - SUPREME COURT], wherein, the Hon’ble Supreme Court has held when a property is sold by public auction in pursuance of an order of the court and the bid is accepted and the sale is confirmed by the court in favour of the purchaser, the sale become absolute and the title vests in the purchaser. A sale certificate is issued to the purchaser only when the sale becomes absolute. The sale certificate is merely an evidence of such title. It is well settled that when an auction purchaser derives title on confirmation of sale in his favour, and a sale certificate is issued evidencing such sale and title, no further deed of transfer from the court is contemplated or required. Further, it does not required registration under Section 17(2) (xii) of the Registration Act - Initiation of the proceedings for public auction under SARFAESI Act was completed on 30.12.2019. In the instant case also proceedings for sale of property was initiated under SARFAESI Act and also on 21.09.2019 Sale notice was published in the newspaper ‘Business Standard’ (English) and ‘Business Standard’ (Hindi) under Rule 8(6) of SARFAESI Rules - On 24.10.2019 e-auction for sale of the subject property was conducted by STATE bank of India and M/s Alucom Panels Pvt. Ltd. (Respondent No. 3) and was declared highest bidder. Sale confirmation issued to Respondent No. 3 under Rule 9(2), SARFAESI. There is no illegality in the Impugned Order passed by the Learned Adjudicating Authority and Impugned Order is hereby affirmed - Appeal dismissed.
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