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Bombay High Court
Vistacore Infraprojects Pvt Ltd vs The Authorized Officer, Punjab ... on 19 May, 2026
12. WP 6704-2026.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
CIVIL APPELLATE JURISDICTION
WRIT PETITION NO.6704 OF 2026
Utkarsh Balasaheb Patil & Ors. ... Petitioners
V/s.
The Authorized Officer,
Punjab National Bank & Anr. ... Respondents
WITH
INTERIM APPLICATION NO.3643 OF 2026
IN
WRIT PETITION NO.14331 OF 2023
Vistacore Infraprojects Pvt. Ltd. ... Applicant
V/s.
The Authorized Officer, Punjab
National Bank ... Respondent
WITH
INTERIM APPLICATION NO.3642 OF 2026
IN
WRIT PETITION NO.14329 OF 2023
Vistacore Infraprojects Pvt. Ltd. ... Applicant
V/s.
The Authorized Officer, Punjab
National Bank ... Respondent
------
Mr. Naushad Engineer, Senior Counsel a/w Adv. Devika Madekar, Adv.
Akshay Kamble, Adv. Neha Patil, Adv. Trupti Poojary, Adv. Yohaann
Limathwalla i/b Vivaka Partners for the Petitioners/Applicant.
None for the Respondent.
------
CORAM : GAUTAM A. ANKHAD &
SANDESH D. PATIL, JJ.
DATE : 19th MAY 2026
(VACATION COURT)
12. WP 6704-2026.doc
P.C.
1) Mr. Naushad Engineer, the learned senior counsel appearing for
the Petitioners/Applicant submits that the Respondents have been
furnished notice of today's hearing by the Petitioner's Advocate's email
of 16th May 2026.
2) Mr. Engineer submits that the Respondent has conducted an
auction of the property at Plot No.31, Hind Co-operative Housing
Society Ltd., CTS No.2100K/77, E ward, off SD Waichal Peth Road,
Ruikar Colony, Kolhapur, at a reserve price which is much lower than
the market value. There is a bungalow standing on the said plot, which is
not mentioned in the auction notice attached at page no.83 of the paper
book. He further submits that the Respondents are likely to auction
another bungalow, i.e. Shubh-Laxmi, standing at CTS No.2100K/264 in
the same colony. Both these auctions are in breach of Rules 8(5) and 8(6)
of the Security Interest (Enforcement) Rules, 2002. Additionally, the
second notice dated 24th March 2026, annexed at Page 56 of the Petition
has been issued, proposing to auction the other properties of the
Petitioner which is also in violation of Rules 8(5) and 8(6).
3) We have heard the learned senior counsel and perused the record.
While the Petitioner concedes that the Respondents are entitled to sell the
properties to recover the dues, the main grievance is that the applicable
12. WP 6704-2026.doc
Rules are not followed in the auction process, thereby lacking in
transparency and devaluating the sale price. This causes great prejudice
to the Petitioner/Applicant. Since, no one appears for the Respondents
today, list the matter on 25th May 2026. The Petitioner shall forward a
copy of this Order to the Respondents.
4) In the event, the auction is likely to take place before the next date
of hearing, the Petitioner is at liberty to approach this Court for
appropriate directions.
SANDESH D. PATIL, J. GAUTAM A. ANKHAD, J.
