SATISH BAIRAGI Vs. STATE OF MADHYA PRADESH

JUDGEMENT

(1.) The petitioners have filed the present petition being aggrieved by the E-Auction dated 25.07.2017 published in the daily newspaper dated 23.06.2017 by which House No.109-B, Sector C, Vaibhav Nagar Extension, Indore has been put into auction in sale consideration of Rs.17,50,000/-.

(2.) The petitioners have purchased the Plot No.109-B, Sector C, Vaibhav Nagar Extension, Indore vide registered sale deed dated 11.01.2005. Thereafter, they took a loan of Rs.5.00 lac from the City Bank in the year 2009-10 for construction of House. According to the petitioners they have deposited Rs.1.5 lac in the said bank, but due to some personal problem, they could not repay the remaining installments/loan amount.

(3.) Meanwhile, the City Bank has been taken over by the Kotak Mahindra Bank and loan account of the petitioners has been transferred to the transferree bank. According to the petitioners, they have not received any notice issued by the Kotak Mahindra Bank for recovery of the loan. The Kotak Mahindra Bank approached the District Magistrate under the provisions of Section 13(4) of the SARFAESI Act' 2002.