Recovery of Debts and Bankruptcy Act, 1993–Sec. 29–Arbitration & Conciliation Act, 1996–Ground of the petitioner that there was an arbitration award in his favour directing the borrower to get the sale deed executed in his favour–Therefore, the bank could not have auctioned the plots–Acceptability–The Bank was not the party in arbitration proceedings–The plots were mortgaged with it and the right of the bank over mortgaged plots is neither derived from the agreement to sell nor the position of the bank is similar that of the petitioner–Bank filed the application before DRT prior to appointment of the arbitrator–In the arbitration proceedings, it was not disclosed that the plots were already mortgaged and the recovery certificate has been issued–Held, plea of the petitioner cannot be accepted.
