- (1.) The learned counsel appearing for the petitioners submits that the defect as indicated at Sl. No.1 has been cured and in so far as defect no. 2 is concerned, that may be ignored.
(2.) Seeking quashing of auction notice dated 28.11.2014 published in daily newspapers namely, The Telegraph and Prabhat Khabar both dated 28.11.2014, the present writ petition has been filed.
(3.) Briefly stated, the respondentBank sanctioned credit facility of Rs.1.10 crores to the petitionercompany in the year, 2008 which was enhanced to 4.5 crores vide sanction letter dated 18.02.2013. The petitioners for availing the said credit facilities, provided sufficient securities by mortgaging immovable properties, which were valued at Rs.2.67 crores. A notice under Section 13(2) of the SARFAESI Act, 2002 was issued on 15.05.2014. The petitioners preferred representation under Section 13(3A) of the Act however, without disposing of the said representation under Section 13(3A), possession notice dated 16.07.2014 under Section 13(4) of the Act was issued on 28.07.2014. The notices under Sections 13(2) and 13(4) of the SARFAESI Act, 2002 have been challenged in W.P. (C) 4030 of 2014. During the pendency of the writ petition, another notice under Section 13(4) was issued on 28.10.2014 and thereafter, auction notice dated 28.11.2014 was issued. The petitioners have been served letter dated 28.11.2014 which was dispatched on 01.12.2014 by post whereby, Eauction notice has been intimated to the petitioners. The petitioners requested for supply of valuation report and a copy of valuation report dated 14.08.2014 has been provided to the petitioners which indicates that the reserve price for the property has been fixed for an amount of Rs.1.3 crores whereas, the market value of the mortgaged property is Rs.4.96 crores.;