On 04/11/2016 the Security Interest [Enforcement] Rules, 2002 has have been amended. Now Banks need not take the consent of the Borrower/Guarantor/mortgagor to grant time to th Auction Purchaser to make payment. Sale By Private Agreement is made easy. No consent of Borrower/guarantor/Mortgagor is now required to be obtained by Banks for Auction By Private Sale. Formats for Tenant/Lessee to consider his objections is Provided at Annexure X.
These important amendments are published in Gazattee notification dated 04/11/2016 of Ministry of Finance. Log on to Gazette of India- Search a Gazette- Ministry of Finance- Month-November, 2016- date- 04/11/2016 - relevant from page 8 onwards.