Supreme Court rejects Bandla Ganesh’s plea in property auction case

Producer Bandla Ganesh has suffered a setback in the Supreme Court in connection with a property auction dispute involving Union Bank of India.

The apex court on Thursday heard his petition challenging the bank’s action in auctioning properties pledged as collateral for a loan. However, the Supreme Court declined to intervene in the matter.

Bandla Ganesh and his family members had mortgaged their personal properties as security for loans sanctioned by Union Bank to Sri Parameswara Poultry Farm Private Limited.

During the corporate insolvency resolution process, the bank auctioned the mortgaged properties to recover the outstanding dues.

Bandla Ganesh initially approached the Debt Recovery Tribunal (DRT), which set aside the auction proceedings. The tribunal directed the bank to return the properties to the owners and refund the auction purchaser’s money along with interest.

Union Bank challenged the DRT’s order before the Telangana High Court. The High Court overturned the tribunal’s ruling and upheld the bank’s decision to auction the properties.

Challenging the High Court’s judgment, Bandla Ganesh approached the Supreme Court. However, the apex court refused to interfere with the High Court’s verdict, leaving the bank’s action intact.