JUDGMENT

Nitin Jamdar, J. - Respondent No.1- Bank of Baroda sanctioned a loan facility in favour of the Petitioners. The Petitioners did not repay the loan. On the application of the Respondent -Bank, the Debt Recovery Tribunal issued a recovery certificate against the Petitioners. Pursuant to the recovery certificate, the mortgaged asset was put to a sale in an auction. It was purchased by Respondent No.3-Auction Purchaser, and the sale certificate in his favour was issued. Thereafter, the Petitioners filed an application stating that the Petitioners have a prospective buyer willing to give a higher offer than the Auction Purchaser and, therefore, the sale certificate in favour of the Auction Purchaser should be cancelled. The Recovery Officer rejected this application. The Petitioners did not file statutory appeal to challenge this order and are before us by this writ petition under Article 226 of the Constitution of India with their challenge.

2. The basic facts are not in dispute. Petitioner No.1 is a Company of which Petitioner No.2 is a Director, referred to as the Petitioners. The Petitioners availed of a cash credit facility of Rs. 10 crores and a term loan facility of Rs. 3