1. M/s. Kandhari & Kandhari (P) Ltd. availed of loan facilities from State Bank of India, Sansad Marg, New Delhi. The borrower, however, started defaulting in the repayment. The loan was secured by mortgage of property consisting of land and building at C – 155, Mewar Industrial Area, Madari, Udaipur, Rajasthan measuring 8000 sq. yds. of M/s. Kandhari Rubber Limited. The registered office of both these companies is the same. The account was declared as NPA and proceedings were initiated by the Bank before the Debt Recovery Tribunal, Delhi for recovery of the loan. Simultaneously, securitisation proceedings for possession and sale of the secured assets under The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter to be referred to as, „the said Act?) were also commenced. A possession notice dated 31.07.2007 was issued as per Rule 8(1) of the Securitisation Interest (Enforcement) Rules, 2002 (hereinafter to be referred to as, „the said Rules?), which was published on 13.08.2007. The auction notice was published on 11.09.2007. The possession notice stated that an amount of Rs.4,55,54,868.54 was due and p