CONCORD TOOLS PVT LTD. REPRESENTED BY ITS MANAGING DIRECTOR. MR. N. KANNIYAN, MR. N. KANNAIYAN S/O N. NATESHAN AND SMT. SHANTHI KANNIYAN W/O N. KANNIYAN Vs. STATE BANK OF INDIA, STRESSED ASSETS MANAGEMEN 2-M ENTERPRISES, M.G.M. FORGINGS PVT. LTD

JUDGEMENT

(1.) THIS Review Petition is tiled seeking recall of order dated 26.10.2010 in dismissing their W.P. Nos. 30103/2009 and 30244/2009 C/w W.P. No. 31219/2009. The said petitions were filed challenging the notice issued by the first Respondent - Bank.

(2.) COUNSEL appearing for the review Petitioners state that what was challenged by the writ Petitioners in said writ petitions was not the notice issued under Section 13 of the SRFAESI Act. The notice that was challenged was one, which was issued to conduct the auction of the property, which was already attached under the SRFAESI Act. In the writ petitions it was contended that the value of the property is below the market price and as such Petitioners had suffered injustice at the hands of the Recovery Officer and other Officers of Respondents, who are instrumental in selling their property for upset price. Therefore, the same is amenable to the writ jurisdiction of this Court.

(3.) WITH these observations, the review petition filed by the Petitioners is dismissed, as it has no merit. However, liberty is reserved to Petitioners to approach the appropriate authority to challenge the said notice/order within fifteen days from the date of receipt of this order, either by filing necessary application/appeal. On filing of such application/appeal, the competent authority shall consider the same on merits without rejecting it on the grounds of delay.