MOHAMMED ABDUL RAZZAK Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) A person, who was successful in an auction conducted about 5 years ago by the Bank under the Securitisation Act 2002, has come up with the above writ petition challenging a fresh E-Auction notice issued by the Bank, together with a prayer for a direction to the Bank to receive the balance bid amount and to issue the sale certificate in his favour.

(2.) Heard Mr. A. Giridhar Rao, learned counsel appearing for the petitioner and Mr. Maruthi Jadav, learned Standing Counsel appearing for the respondents.

(3.) A Rice Mill, by name, Sree Lakshmi Narasimha Rice Mill, availed credit facility from the State Bank of India, and committed default, forcing the Bank to initiate measures under the Securitisation Act, 2002. An auction was held on 04.02.2014 in respect of the secured assets and the petitioner in this writ petition became the highest bidder. A letter was issued on the very date of auction, namely, 04.02.2014 confirming the acceptance of the highest bid made by the petitioner and directing him to make payment of the balance 75% of the bid amount on or before 18.02.2014.