BANDI MOHAN Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) Heard Mr. Alladi Ravinder, learned counsel for the petitioners and Mr. Murali Manohar, learned counsel for respondent Nos.1, 2 and 3. Insofar added respondent No.4 (original borrower), he was duly served in terms of the order dtd. 21/2/2022. But for default, Court decided to proceed ex parte against him by the aforesaid order.

(2.) It appears that respondent No.4 was a borrower of respondent Nos.1, 2 and 3, but defaulted in repayment of loan for which respondent Nos.1, 2 and 3 invoked provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short 'the SARFAESI Act').

(3.) In consequence of the above, respondent No.2 issued sale notice for sale of the scheduled property on 3/8/2020. As per the sale notice, outstanding dues of the borrowers was quantified at Rs.75,46,576.00. The reserve price of the schedule property was fixed at Rs.86,25,000.00 and Earnest Money Deposit (EMD) at Rs.8,62,500.00.