Strides Air Systems (P) Ltd vs The Authorised Officer on 19 November, 2018
11. Per contra, learned counsel appearing for the Bank,
Mr.Ganesh as well as the learned Senior Counsel appearing for the
fourth respondent / auction purchaser, Mr.S.Prabhakaran, learned
counsel for the respondents 2 and 3, Mr.G.Senthil Kumar, have
vehemently opposed these submissions and urged that the Bank had
http://www.judis.nic.in
Order dt.21.11.2019 in WP No.28285 of 2019
[Strides Air Systems (P) Ltd. v. The Authorised
Officer, State Bank of India]
10 / 36
to undertake the private treaty sales as the previous Sales Notices /
auction notice published by the first respondent Bank could not fetch
good buyers and the petitioner Borrower also failed to produce any
bona fide buyer at that point of time and that after the properties in
question were evaluated by the Authorised Valuers, the Reserve Price
was fixed by the Bank and both the properties in question were sold
for the consolidated sum of Rs.3.54 Crores. The said auction was bona
fide and in accordance with law and provisions of the SARFAESI Act
and therefore, the same deserves to be upheld by this Court.