Applicant No' 1 availed working capital roan of Rs.26.56 lakhs from the Respondent Bank against the mortgage of schedule property as security for the said loan. Due to Covid-l9, the Applicants could not pay some instalments. All of a sudden, without any prior notices, the Respondent issued the impugned Notice of Sale dt.22.05 .2023 ulr 3(6) of Security Interest (Enforcement) Rules, 2oo2 without following the prescribed procedure. The Respondent bank failed to serve demand notice and possession notice to the Applicants and the said possession notice was not affixed on the schedule property and the same was not pubrished in two leading newspapers as contemplated u/r g(l)(2) of Security Interest (Enforcement) Rules, 2002. The Respondent bank has not obtained valuation report before fixing reserve price against the schedule property and the impugned Notice of sale is not issued under Appendix IV-A of the Rules, 2002 wherein the authorized officer has to mention the reserve price, date, time and place of the auction and mode of auction. Hence the SA.
