In Brief
A borrower whose default led to auction sale of mortgaged property sought to set aside the sale, claiming it was his sole asset. The Recovery Officer rejected this twice, but the Debt Recovery Appellate Tribunal set aside the sale on equitable grounds. The High Court upheld this decision. The Supreme Court reversed both lower authorities, holding that a confirmed and executed sale cannot be reopened merely because the property is the debtor's only asset or because money was later received from him. The Court directed possession be handed to the auction purchaser, with payment of the auction amount to the borrower with interest.
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