JUDGMENT :

(Tapabrata Chakraborty, J.)

1. S.L. Ispat Private Limited (in short, Ispat) and its Managing Director, the appellants herein preferred a writ petition being WP 31344 (W) of 2014 challenging a notice/e-mail dated 7th October, 2017 by which the Authorized Officer (in short, AO) of Punjab National Bank (in short, the bank) forfeited an amount of Rs.1,70,80,250/- (Rs.99,18,000.00 + Rs.71,62,250.00) being 25% of the total bid amount as deposited by the appellants upon emerging to be successful in the e-auction conducted on 6th September, 2017 pertaining to the properties detailed under serial nos.5 and 6 of the public notice for e-auction dated 29th July, 2017. The said writ petition was dismissed by an order dated 4th January, 2018, which has been impugned in the present appeal.

2. The appellants’ case is that the AO of the bank published a public notice dated 29th July, 2017 inviting bids for sale of properties. The appellant no.2 visited the premises on 10th August, 2017 when he was informed by the security guards that the entire land including plant and machineries are the assets as detailed under serial nos.5 and 6 of the said notice and such fact was also confirmed and rei