ORDER

(Per Hon’ble Sri Justice Sanjay Kumar)

The petitioner is an auction purchaser. He seeks a direction to the UCO Bank, Asset Management Branch, Hyderabad (hereinafter, ‘the bank’), to refund the sale consideration of Rs.4,80,44,000/- paid by him, with interest at 18% per annum, by declaring the auction sale held by it in relation to Plot No.13, admeasuring 425 square yards with a house constructed thereon, bearing Door No. 1-89/6/2/5 in Survey Nos.43 to 47 and 49-part of Madhapur Village, Serilingampally Mandal, Ranga Reddy District, as illegal.

Facts, to the extent germane, are as follows: The bank published mega e-auction sale notice dated 25.07.2016 in daily newspapers on 27.07.2016. Thereunder, it also proposed to sell the subject property, which it held as a secured asset. The reserve price fixed for its sale was Rs.4,34,44,000/-. The petitioner participated in the auction held on 29.08.2016 and emerged the highest bidder for this item of property at Rs.4,80,44,000/-. Having paid 25% of the bid amount on the date of the sale, he deposited the balance sale consideration on 12.09.2016. Aggrieved by this sale, M/s.V.G.Constructions, the borrower, filed an application under Secti