Hon'ble S.C. Chaurasia,J.
Supplementary affidavit filed on behalf of petitioner is taken on record.
Heard learned counsel for petitioner, Sri S. C. Gulati, learned counsel for respondent-bank and learned Standing Counsel.
A perusal of auction sale notice dated 09.12.2009 shows that reserve price fixed of the property put for auction is Rs. 6.30. Copy of the news published in newspaper produced before the Court by learned Standing Counsel shows that outstanding amount has been mentioned as Rs. 9,26,372/-, but, it does not disclose the estimated value of the property. It has been settled by Hon. Supreme Court as well as this Court by coordinate Bench including the case reported in 2006 (24) LCD 1 - M/S Swadeshi Polytex Limited Vs. Board of Revenue, U.P. and others, followed by Hon. Supreme Court affirmed in the case reported in 2008 (12) SCC 596 - State of U.P. Vs. Swadeshi Polytex Limited that while proceeding with the auction and sale, it shall be incumbent to publish the estimated value of the property in two newspaper having wide circulation It appears that while issuing the notice under Securitisation Act for auction and sale respondents are not proceeding in accordance to law by disclosing the estimated value of property in the newspaper as well as reserve price.
Let a counter affidavit be filed within three days. Rejoinder affidavit may be filed within three days.
List on 25.01.2010. Till then recovery proceeding shall remain stayed subject to condition that petitioner deposits Rs. 50,000/- before opposite parties by the next date of listing.
Order Date :- 13.1.2010 psd