DR. D.Y. CHANDRACHUD, J.

By these proceedings, the Petitioner seeks to impugn the legality of the public auction that was conducted on 15 September 2010 by the First Respondent of land and building situated on Plot No. 494, CTS No. F/366, Linking Road, Bandra, Mumbai 400 050. The Petitioner is a co-owner and was co-mortgagor. At the outset, counsel appearing on behalf of the Petitioner stated before the Court that in these proceedings under Article 226 of the Constitution of India, the Petitioner impugns the validity of the auction sale purely in his capacity as a bidder at the auction.

2. On 21 May 2010, the First Respondent invited bids for a public auction of the immovable property in question. The notice inviting the tenders specifically stipulated that the reserve price was 14.62 crores, below which “the property will not be sold”. The Petitioner submitted a bid at the auction which was held on 28 May 2010 in the amount of Rs.15.05 crores. The Petitioner, however, failed to comply with his obligation of paying the balance of the sale consideration over and above Rs.3,76,25,000/-, upon which the auction sale was cancelled and the property was readvertised. While issuin