The Madras High Court Bench here has held in favour of banks resorting to e-auctioning of properties hypothecated to them by stating that such a digital process “is only a very small step taken towards adopting modern technologies in implementing procedures provided by law.”
Dismissing a writ petition filed by a borrower against e-auctioning of his properties, Justices M. Jaichandren and R. Mahadevan said a Division Bench of the Madras High Court too had recently stressed the need for adapting to changes in the digital era. We should take note of the fact that we are in the age of Facebook, YouTube and Twitter...Even though India might not have come of age to compete with advanced countries in the use of digital technology, we are not far behind. There is a clear indication that we are moving towards the digital age,” the Bench said. It also said the country had great amount of highly qualified technical manpower. However, it had not been utilising the scientific knowledge and technology, to the optimum extent to improve the quality of life of the common man.
“Change cannot be static or stagnant. It has to be live and vibrant. Only then there would be progress in society. The need of the hour is to adopt new technologies in the functioning of various authorities and entities in this country,” it added.
The Bench went on to state that e-auction also helped the banks as well as their borrowers to reduce, to a great extent, the unethical practices followed by “cartels and syndicates which have the capacity to undermine the value of the properties, brought for sale, by exerting undue influence”.
