06.03.2022 and also informed that in the event of failure, the 25o/o bid amount would be forfeited. By reply mail dated 03.03.2022, the applicant narrated the respondent bank about rejection/cancellation of home loan by SBI/UBI. However, the respondent bank issued a letter dated 07,03.2022 cancelling the sale and forfeiting 25o/o bid amount of Rs.11,03,500/-. The respondent bank did not respond to the legal notice dated LL.04.2022 got issued by the applicant. As per sale notice the title holder name was Avinash Baswath rao Bhosle whereas as per EC it was K. Venkataiah. The respondent bank conducted the auction without possessing the original link documents in respect of secured asset and without disclosing the encumbrances/litigation known to it in the auction sale notice as required under Rule 8(7)(a) of the Security Interest (Enforcement) Rules, 2002 ("Rules" hereinafter). The respondent bank failed to enquire whether the borrower had marketable title so that a better title could be conveyed to the successful bidder, The respondent bank cannot escape the duty by auctioning the property on'as is where is basis'. The respondent bank failed to follow the procedure prescribed under Rule 8 of the Rules, 2002 and hence this SA.
