K.C. Banu, J.

1. This writ petition, under Article 226 of the Constitution of India, is filed to declare the action of the respondents Institution in proceeding with the sale of the property of the petitioner i.e., H. No. 68-13-2, TS Nos. 1 and 2, Addepallyvari Street, Ponnangi Road, Eluru, West Godavari District to an extent of 6000 Square yards covered under the auction notice, dated 4.12.2013, by fixing the reserve price at Rs. 2.50 crores when the official market value of the property as per the Sub-Registrar's Office is Rs. 6.00 crores as arbitrary, illegal and contrary to the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short, 'SARFAESI Act') and the Security Interest (Enforcement) Rules, 2002 (for short, 'the Rules'), and set aside the same. Heard.

2. The only contention raised by the learned Counsel for the petitioner is that the official market value of the property, which is sought to be sold in pursuance of the SARFAESI Act, is about Rs. 6.00 crores as per the certificate issued by the Sub-Registrar's Office, whereas the reserve price fixed by the bank is Rs. 2.50 crores. That is a quest