The above question came up for consideration before Madras High Court in Sarala Bardia v Authorised Officer, Syndicate Bank, Coimbatore [2017 (1) D.R.T.C. 831 (Mad.)]
The Bank conducted an open public auction for sale of a property situated at Nilgiris District on 2nd February, 2012 under SARFAESI Act. The Petitioner was declared a successful bidder by issuance of sale certificate after receiving the sum of Rs.11,50,000/- towards sale consideration.
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