- (1.) Both the writ petitions are taken up for hearing analogously as they involve common questions of fact and law.
(2.) In W.P. No.32315(W) of 2014, the writ petitioner has challenged the impugned decision dated 26.08.2014 passed by respondent no.2 herein rejecting the confirmation of auction sale.
(3.) The factual matrix giving rise to instant case is to the effect that a proceeding under Section 13 of the SARFAESI Act was initiated in respect of a secured asset and a sale notice in respect thereof was issued wherein, inter alia, it was provided as follows:- "9. The successful bidder shall deposit 25% of bid amount (after adjusting EMD) within 48 hours from declaration as successful bidder and balance 75% amount must be payable within 15 days. On failure to pay, the sale price as stated all deposits including EMD shall be forfeited without further notice. However, extension of further reasonable time to make the balance 75% payment in exceptional situations shall be at sole discretion of authorized officer.";