- (1.) HEARD learned counsel for the petitioners,? Sri Anadi Krishna Narayana, learned counsel appearing for the? Bank-respondents no.3 and 4? and the learned Standing Counsel appearing for the State-respondent no.1? and 2.
(2.) WITH the consent of learned counsel for the parties, the writ petition is being finally disposed of. By means of this petition, the petitioner has prayed for quashing the recovery? proceedings initiated by the Bank? in pursuance of the auction notice dated 10.8.2012.
(3.) LEARNED counsel for the petitioner submits that the? petitioner had taken a loan of Rs. 14,00,000.00 in the year 2009. On default being committed recovery proceedings have been initiated under the SARFAESI Act, 2002 (in short the Act). In the auction notice? dated 10th August, 2012 outstanding amount against the petitioner is mentioned as Rs. 15,33,561 plus interet and other charges and 18.9.2012 is fixed for auction? of the mortgaged property.?;