question was booked in MCD demolition list, therefore, the value of the property in question was assed at Rs.5,36,25,000/, however, it has been argued on behalf of the securitization applicant that as per the letter dated 29.11.2018 issued by the respondent bank vide which the MCD has declared that the property in question has no unauthorized construction. After going the records as well as valuation reports submitted by the respondent bank as well as applicant this Tribunal has failed to understand that when the valuation of the property in question was valued at Rs.1325.90 lakhs in the year 2019 by the respondent bank itself, then how the respondent bank can auction the property in question in December, 2023 at the meagre amount of Rs.5,36,25,000/-, which is clear cut violation of Rule 8 (5) of the Security Interest (Enforcement) Rules, 2002 and the same reproduced herein below, that too, when the applicant has placed on record the latest valuation report from Govt. Approved valuer namely Er. Suresh Chandra Gupta, who has given fair market value of property at Rs.12,10,48,276/- as on 04.01.2024. Further, the respondent bank has not obtained fresh valuation of the property in question before putting the property in question on auction because the respondent bank has obtained the valuation report dated 01.03.2023 of D.K. Nagpal & Associates before declaring the account as NPA on 27.04.2023, which is also bad in law.
