HYDERABAD: The Telangana High Court has allowed a writ petition filed by Union Bank of India, restoring the bank’s action under the SARFAESI Act, 2002, in the auction sale of a Jubilee Hills property belonging to Telugu film producer Bandla Ganesh and his father, who had stood as personal guarantors for the corporate borrower, Sri Parameshwara Poultry Farm Pvt. Ltd.
A bench of Justices Moushumi Bhattacharya and Gadi Praveen Kumar set aside the orders of the Debt Recovery Tribunal-II, Hyderabad, which had annulled the auction sale, directed restoration of possession to the guarantors, and ordered refund of the auction purchaser’s sale consideration of Rs 8.50 crore with 6% interest.
Senior counsel BS Prasad, appearing for the bank, and…