SARFAESI Rule 9(1): J&K HC Allows Auction of Secured Land After 30-Day Notice

Nazir Ahmad Bhat Vs Chairman/ Managing Director J&K Bank Corporate Office (Jammu & Kashmir High Court) The petitioner, a defaulting borrower, challenged recovery proceedings initiated by the bank under the SARFAESI Act, 2002, including possession notice, e-auction notices, confirmation of sale, and issuance of a sale certificate in favour of the auction purchaser. The borrower had availed cash credit facilities that were later enhanced and secured by hypothecation of produce, multiple parcels of mortgaged land, and third-party guarantees. Due to persistent defaults, the loan account wa...