Let me also share my view in this regard.
The auction could not have been conducted on the following two occasions.
1) The authorised officer might not have received tenders from the prospective purchasers or might have received tender lesser than the reserve price.
2) Due to some internal reasons.
If the auction has not been conducted for the second reason, then, the sale notice has to be necessarily issued again with 30 days time.
If the action has not been conducted for the first reason, then the options available are
1) The authorised officer may with the consent of the borrower can sell the property for such lesser price.
2) The authorised officer shall communicate the quote received by him and can ask the borrower to find some purchaser for a higher price. In the event if the borrower fails to source a purchaser for a higher price, then the authorised officer can sell the property for the price to which he has received quotation. (This is the decision held by the High Court of Karnataka)