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Judgment
Mohan Shantanagoudar, J.—The auction notification at Annexure-e, dated 21.10.2010 published in "Times of India", Daily Newspaper dated 23.10.2010, is called in question in this writ petition.
The Respondent-bank has notified the Petitioner''s property for auction on the ground that the Petitioner has not repaid the amounts borrowed by it. The Petitioner had borrowed certain sums of money from the Respondent-bank by mortgaging the property in question. However, the amounts are not repaid to the bank. Ultimately, the auction notice is issued under the provisions of Sarfaesi Act. The auction is scheduled to be held on 22.11.2010.
In view of the availability of alternative and efficacious remedy of approaching the Debt Recovery of Tribunal under the provisions of the Sarfaesi Act, this Court declines to entertain this writ petition more particularly in view of the judgment of the Apex Court in the case of United Bank of India Vs. Satyawati Tondon and Others, .
Sri Manmohan, learned advocate for the Petitioner brings to the notice of the Court that the Debt Recovery Tribunal at Bangalore sits only for three days in a fortnight and it is very difficult for the Petitioner to approach the Debt Recovery Tribunal and seek interim orders at an earliest. Since the auction is scheduled to be taken place on 22.11.2010 he seeks interim orders.
This Court does not propose to interfere with the auction proceedings. The auction which is scheduled to be held on 22.11.2010 shall continue. However, the confirmation of sale shall not take place for a period of one month from the date of auction.
In the meanwhile, the Petitioner shall approach the Debt Recovery Tribunal and seek any appropriate interim orders. The order granted by this Court staying the confirmation of sale, vacates automatically after four weeks. All questions are kept open to be urged before the Debt Recovery Tribunal.
Writ petition is dismissed with the aforesaid observations.