Per the Honble Sri Justice Nooty Ramamohana Rao

1. This writ petition has been instituted questioning the validity of the action taken by the respondent – State Bank of India, in putting a commercial complex owned by the writ petitioner to auction. The case of the writ petitioner is that he availed certain credit facilities from the respondent – Bank, one is term loan and the other cash credit loan during the year 2004. He has created collateral security over his commercial complex building bearing Old Door No. 20-85, New Door No. 301/3, Block No. 7, T.S. Ward – 3, Chirala town. Though he has paid certain instalments, it is admitted by the petitioner that there was default committed in the matter of repayment of the instalments regularly to the bank. The bank therefore invoked the provision under sub-section (2) of Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, for short `the Act’ henceforth. He was called upon to liquidate the liability of Rs.26,23,999.10 ps outstanding as of 31.3.2005 within 60 days from the date of the said notice. However, by 18.8.2006, the writ petitioner has paid in all a sum of R