Sanjay Kumar, J.

The petitioner assails the action of the IDBI Bank (hereinafter, the bank) in cancelling the offer of a One Time Settlement by its letter dated 23.06.2016 and in issuing sale notice dated 22.05.2017, followed by publication of the e-auction sale dated 07.06.2017, proposing to sell the petitioners mortgaged properties on 28.06.2017. He also seeks a consequential direction to the bank to grant him reasonable time for payment of the balance amount under the One Time Settlement as per the guidelines of the Reserve Bank of India.

2. By order dated 27.06.2017, this Court took note of the fact that the auction sale of the petitioners properties was scheduled to be held on the next day and permitted the bank to proceed with the said sale but in the event it materialised, the bank was directed to receive only 25% of the bid amount and was restrained from confirming the sale or taking any further action until the next hearing. This order was not extended thereafter. In any event, we are informed that the sale did not materialize on 28.06.2017 for want of bidders.

3. In his writ affidavit, the petitioner stated as follows: He was the proprietor of M/s. Jayalakshmi Traders