NEELAMBER KHULLAR Vs. PUNJAB NATIONAL BANK & ORS

JUDGEMENT

(1.) The petitioner appears to have taken a loan, amounting to Rs. 63.50 lacs from the respondent-Bank, which has since been declared as a non-performing asset. It appears that possession of the property was taken after due compliance in terms of Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short "SARFAESI Act").

(2.) The Bank with a view to recover the amount outstanding, got the secured asset, which is in the nature of a residential house valued, by a private valuer. The market value of the property was determined at Rs. 3.53 lacs, however, distressed sale value/realizable value of the property was determined at Rs. 282.00 lacs.

(3.) With a view to sell the secured asset, auction notice was issued on 24.11.2017 in the local newspaper showing the reserve price at Rs. 280 lacs, however, no bidder came forward to participate in the auction process. The Bank yet again issued an auction notice on 03.12.2018 and this time, the reserve price of the property was fixed at Rs. 252 lacs.