No Illegality in 15-Day Auction Notice Under Rule 9: Madras HC Upholds SARFAESI Sale

Lucky Footwear Components Vs Authorized Officer (Madras High Court) The Madras High Court dismissed the petition filed by Lucky Footwear Components challenging the auction of its mortgaged property conducted by the respondent bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The Court held that the auction was conducted in accordance with law and that the valuation report relied upon by the bank, prepared by an approved valuer registered under Section 34AB of the Wealth-Tax Act, 1957, was valid and acceptable. Ba...