SATWANTI AUTOMOBILES Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Aggrieved by order dated 16.07.2014 in S.A. No. 81 of 2014 passed by the Presiding Officer, the Debts Recovery Tribunal, Ranchi and seeking quashing of Eauction notice dated 12.06.2014, the petitioners have filed this writ petition. Further prayers seeking direction upon the respondentBank to disclose the name of the bidders and the consideration amount for which the property in question was sold, have also been made.

(2.) The brief facts of the case are that, the petitioner no. 1 is the proprietor of the firm namely M/s Satwanti Automobiles and the petitioner no. 2 is the guarantor for loan advanced in favour of M/s Satwanti Automobiles. For the loan granted by the respondentState Bank of India vide loan a/c nos. 11400640036 and 11400675842, the petitioner no. 2 stood as guarantor and the original Title Deed of 3 immovable properties were pledged as mortgage to the respondentBank.

(3.) A counteraffidavit has been filed on behalf of the respondentBank raising a preliminary objection to the maintainability of the writ petition. It is stated that the petitioners have already preferred S.A. No. 81 of 2014 under Section 17 of the SARFAESI Act, 2002 and against the impugned order dated 16.07.2014 the petitioners have a remedy of appeal under Section 18 of the SARFAESI Act, 2002. It is stated that notice dated 10.09.2012 was served upon the petitioners and the same was published in two daily newspapers namely "Dainik Hindustan" (Hindi) and "Hindustan Times" (English). The matter was taken to Bank Lok Adalat on 06.11.2012 and the petitioners undertook to pay the entire outstanding loan amount by 28.02.2013 however, the petitioners failed to honour the undertaking given before the Bank Lok Adalat. The date for auction was fixed on 16.07.2014, after giving 30 days' clear notice to the petitioners.