For subsequent sale the Bank is required to provide 15 days’ sale notice to the public at large by publishing the sale notice in the newspapers and simultaneously a 15 days’ sale notice is required to be served to the borrowers/guarantors separately – M/s Axis Bank Ltd. Vs. M/s Paras Kumar Ranglal – DRAT Allahabad Bench

DRAT held that for subsequent sale the Bank is required to provide 15 days’ sale notice to the public at large by publishing the sale notice in the newspapers and simultaneously a 15 days’ sale notice is required to be served to the borrowers/guarantors separately. A mere publication of 15 days’ sale notice in the newspapers does not serve the purpose of the statute. Even otherwise, the Bank has not produced any evidence that the copy of publication in the newspapers has been sent to the borrowers within 15 days or any evidence to the effect that the borrowers had any knowledge of publication of sale notice on 3.7.2019.

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