LAKSHMI ENTERPRISES Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) As both these writ petitions are filed by the same petitioners and involve the same issue, they are taken up for consideration together and disposed by this common judgment.

(2.) The petitioner in WP(C) No.38110 of 2017 had availed a loan from the respondent Bank. One of the properties, that was offered as security for the loan availed by the petitioner from the respondent bank belonged to the petitioner in WP(C) No.38297 of 2017. In the writ petitions the petitioners are aggrieved by the steps initiated by the respondent bank for bringing to sale the aforesaid item of property belonging to the petitioner in WP(C) No.38297 of 2017. The main contentions raised by the petitioners are with regard to the valuation of the property, which according to the petitioners, is fixed at Rs. 1 crore 81 lakhs and the petitioners' contention is that this valuation of the property is very low, and the property should be valued at a figure higher than Rs. 2 crore 44 lakhs, which was the value arrived at, in a valuation done during 2012. The petitioners also have a case that the attempt of the respondent bank to sell the property under a private treaty for a reduced sum cannot be justified and at any rate, it is contrary to the Security Interest Enforcement Rules, 2002.

(3.) I have heard the learned counsel appearing for the petitioner as also the learned Standing Counsel appearing for the respondent bank.