1. By way of their amended prayer in this writ petition, Venshiv Pharma Chem (P) Limited and its Managing Director, the petitioners, assail the auction sale of their properties by the State Bank of India (hereinafter, the bank) on 30.11.2016 (wrongly shown as 30.11.2017 in the prayer) pursuant to the e-auction sale notice dated 21.10.2016 (wrongly shown as 23.09.2017 in the prayer). They seek a consequential direction to set aside the said sale.

2. At the outset, it may be noted that the petitioners herein already filed S.A. No. 513 of 2016 under Section 17(1) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity, the SARFAESI Act) before the Debts Recovery Tribunal (hereinafter, the Tribunal) at Hyderabad. Their prayers therein read as follows:

(i) Declare that the E-Auction Sale Notice dated 21.10.2016 issued by the Respondent Bank and fixing the date of auction on 30.11.2016 against the schedule properties as arbitrary, illegal and not maintainable under the Act and Rules, 2002.

(ii) Declare that the Notice issued under Rule 8 (6) of the Rules, 2002 dated 23.09.2016 and 03.11.2016 issued by the Respondent Ban