M/S M.S.Ramayya Constructions ... vs The Authorized Officer
2022 Latest Caselaw 881 AP

Citation : 2022 Latest Caselaw 881 AP
Judgement Date : 17 February, 2022

Andhra Pradesh High Court - Amravati

M/S M.S.Ramayya Constructions ... vs The Authorized Officer on 17 February, 2022

Bench: C.Praveen Kumar, V.Sujatha

      HIGH COURT OF ANDHRA PRADESH AT AMARAVATI

MAIN CASE No.W.P.No.2782 of 2022

                         PROCEEDING SHEET

Sl. DATE                              ORDER                              OFFICE
No.                                                                       NOTE
    17-02-2022   CPK, J & VS,J

                      Heard Sri P.A.K. Kishore, learned counsel for
                 the petitioners and Sri G.V.S. Kishore Kumar,
                 learned standing counsel for the respondent-

bank.

Three issues came to be raised in this writ petition, the first of which is the valuation of the property basing on the value that prevailed in the year 2018, which is illegal; 2) while date of publication of tender is 15.01.2022, sale notice came to be served on 19.01.2022 though it is dated 13.01.2022 which would deny the benefit of sale to the borrower having regard to the amendment to Section 13 (8) of the SARFAESI Act. He placed on record various judgments including the judgment rendered in Mathew Varghese v. M. Amritha Kumar (AIR 2015 SC

50) in support of his contention.

On the other hand, learned standing counsel appearing for the respondent-bank, relying upon the observations made in Mathew Varghese's case, would submit that there is no illegality in the procedure followed by the respondent-bank. He further submits that the issue raised herein is with regard to valuation of the property for which necessary instructions were obtained by him.

Be that as it may, having regard to the legal issues raised and as the auction is scheduled to be held on 19.02.2022, we direct the respondent-bank to proceed with the auction that is scheduled on 19.02.2022, but, however,

the same shall not be finalised. Further, the respondent-bank may not insist the highest bidder to deposit 25% of the auction amount. We further direct that the highest bidder shall not claim any equities thereafter.

List on 24.02.2022. Meanwhile, counter shall be filed.

_____________________ C. PRAVEEN KUMAR, J

______________ V. SUJATHA, J Ksn