In Brief
A bank sought to recover outstanding debt by selling mortgaged properties through auction under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The auction was conducted transparently with multiple bidders, and a third-party purchaser won with a bid of Rs. 2,10,98,765. The purchaser challenged the High Court's decision to remit the case for revaluation of the property. The Supreme Court upheld the High Court's limited remand for revaluation, holding that while confirmed auction sales deserve protection, courts retain supervisory jurisdiction to examine the adequacy of valuation and fairness of the process. The remand does not disturb the completed sale or recovery already made, but allows the tribunal to assess whether the reserve price was properly fixed in accordance with law.
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