JUDGMENT

Manoj Kumar Tiwari, J. - Petitioner took a loan in the shape of Cash-Credit Limit, amounting to Rs. 6 crore from Kurmanchal Nagar Sahkari Bank Ltd., Branch Rudrapur, District Udham Singh Nagar.

2. Since there has been a default on the part of petitioner, in repayment of the loan, therefore, the respondent-Bank has taken steps for recovery of the outstanding amount by invoking provision of SARFAESI Act, 2002.

3. By means of this writ petition, petitioner has challenged the sale-notice dated 23.11.2021. Perusal of the sale-notice reveals that the auction sale of the secured asset is schedule to be held on 30.12.2021.

4. It is contended on behalf of the petitioner that no notice under Rules 8 (6) and 9 (1) of the Security Interest (Enforcement) Rules, 2002 has been served upon the petitioner, therefore, sale-notice is bad. He further submits that value of the property was assessed by the Bank as Rs. 7.40 crore, in the year 2017, when loan was sanctioned, however, now value of the same property is assessed as Rs. 4.40 crore, which is less by Rs. 3 crore.

5. Learned counsel for the petitioner further submits that as per the guidelines issued by Reserve Bank of India, secured assets