NATWAR KUMAR JALAN Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Heard Mr. A.Das, learned counsel for the petitioner. Also heard Mr. B. Kalita, learned senior counsel, appearing for the respondent -bank.

(2.) A public notice for sale, for short, sale notice, of secured assets & immovable property, through e -Auction was published in the issue dated 6.7.2013 of the Assam Tribune by the Authorized Officer inviting offers for recovery of the secured debts of State Bank of India, Stressed Assets Recovery Branch, (SARB) in respect of two properties mentioned therein. The sale notice was issued in exercise of powers under the Securitization of Financial Assets and Enforcement of Security Interest Act, 2002 read with Rule 8 & 9 of Security Interest (Enforcement) Rules, 2002 and pursuant to the taking of possession of security assets of the borrowers/guarantors.

(3.) At the very outset, it will be relevant to note that this case has arisen in respect of the property mentioned at serial no.ii of the said sale notice. The date and time of e -Auction was fixed on 14.8.2013 at 11.00 am and it was further provided in the said sale notice that property may be seen on 24th/25th July, 2013 between 11 am to 4 pm. The reserved price for the land in question was Rs.30 lakhs and earnest money was fixed at Rs.3 lakhs. It was stipulated that the successful bidder is to deposit 25% of the sale price, adjusting the earnest money deposit paid already within 48 hours of the acceptance of offer by the Authorised Officer in respect of the sale, failing which the earnest money deposited would be forfeited. The property was to be sold "As - Is - Where - Is & As -Is -What -Is - Basis".