The Applicant availed Term loan of Rs.70 lakhs from the lst Respondent Bank for development of business against the mortgage of schedule property. The Applicant's husband is running petrol bunk and during Covid- 19, and lock down, there was loss in the business and so, the Applicant could not pay some instalments. Thereafter, the Applicant restarted the business and requested the Bank to regularize the loan account. On assurance of the Bank, the Applicant paid Rs.30 lakhs in the month of May,2O23 but without considering the said payment, the l"t Respondent straightaway, issued Sale Notice dt. 17.O9.2023 and the said sale notice is neither affixed on the schedule property nor published in two leading newspapers. The Bank failed to serve demand notice and possession notice on the Applicant. The lst Respondent bank failed to follow Rule 8(1X2X5X6X7)&9(1) of Security Interest (Enforcement) Rules,2002. Thereafter, the l"t Respondent Bank issued e Auction Sale Notices dt.27 . 12.2023, 29 .O 1.2024 and 26.03.2024 for conducting auction of the schedule property and the said notices were not served on the Applicant and the sarne were not affixed on the schedule property. The bank failed to follow Rule 8(6)&9(1) of Security Interest (Enforcement) Rules, 2002 and the Bank did not obtain valuation report before fixing reserye price of the schedule property. Hence the SA.
