In Brief
This case concerns a residential property sold at auction by State Bank of India in 2004 due to the owner's default, but which remained in the original owner's possession. In 2013, the owner settled the bank's outstanding dues. The Supreme Court applied equitable principles to balance the interests of the original owner (who continued in possession and settled the debt) and the auction purchaser (who never took possession). The Court allowed the original owner to retain possession subject to pending specific performance proceedings, and ordered the auction sale proceeds to be returned to the auction purchaser with 9% per annum interest.
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