JUDGMENT :

(Dipankar Datta, J.)

1. Leave granted.

2. The Authorized Officer (for brevity “the Authorized Officer”, hereafter) of the State Bank of India, Stressed Asset Management Branch, Coimbatore, Tamil Nadu (for brevity “the Bank”, hereafter) has impugned the judgment and order dated 27th March, 2018 of the Madras High Court allowing a writ petition (W.P. No.4519 of 2018) instituted by the contesting respondent herein.

3. The facts leading to institution of the writ petition, as recorded in the impugned judgment and order, are noticed hereunder:

a. Default was committed by M/s Stallion Knitwear India Private Limited (for brevity “Stallion”, hereafter) in discharging its debts to the Bank. Consequent upon classification of its account as non-performing asset, the Authorized Officer had taken possession of the secured asset (being the plant and machinery of Stallion) as a measure under section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity “the SARFAESI Act”, hereafter). Thereafter, e-auction notice dated 22nd August, 2007 was issued by the Authorized Officer putting up the plant and machinery of Stall