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Judgment
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The Petitioner stood as a guarantor for the credit facilities availed by M/s. Tirupati Resources Pvt. Ltd.- Opposite Party No. 3 from Bank of India. The said loan account was declared NPA on 20.05.2019 and proceedings under SARFAESI Act, 2002 for recovery of an outstanding amount of ₹1,20,83,000, were initiated by issuance of notice under Section 13(2) of the said Act on 04.06.2019 and notice under Section 13(4) of the Act on 28.09.2021.
Challenge has been laid, inter alia, to the sale notice dated 29.09.2021 for e-auction to be conducted on 08.11.2021 of the mortgaged property on the ground that prescribed 30 days notice has not been issued.
On examination of the sale notice, it is evident that the requirement of the Rule 8 and 9 of the SARFAESI Act, 2002 have been complied with, and more than clear 30 days of notice before date of auction sale has been given to the Borrower.
At the time of hearing, Mr. Gurudutta Kara, learned counsel for the Bank states that auction on 08.11.2021 has invited a successful bidder for a sum of ₹1,20,83,000 and 25% of the sale amount stands deposited. The fetched sale price would liquidate the defaulting loan account and balance amount to be returned the Petitioner.
In view of the aforesaid development, we find no grounds to interfere in our writ jurisdiction. Accordingly, the writ petition is dismissed with the liberty to the Petitioner to seek his alternative remedy in accordance with law.
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