B. SUBHASHAN REDDY, J. ( 1 ) THIS writ petition has been filed questioning the sale proceedings pursuant to the Recovery Certificate No. 142 dated 2-6-1997 granted by the Debt Recovery Tribunal in O. A. No. 926 of 1996. ( 2 ) THE matter lies in a narrow compass regarding the validity of the sale conducted. The relevant provision for conducting the sale is provided under Section 29 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993. The same reads as follows :"29. Application of certain provisions of Income-tax Act:- The provisions of the Second and Third Schedules to the Income-tax Act, 1961 (43 of 1961) and the Income-tax (Certificate Proceedings) Rules, 1962, as in force from time to time shall, as far as possible, apply with necessary modifications as if the said provisions and the rules referred to the amount of debt due under this Act instead of to the Income-tax:provided that any reference under the said provisions and the rules to the "assessee" shall be construed as a reference to the defendant under this Act. " ( 3 ) AS seen from the above, it is legislation by reference to relevant rules framed under Income-tax Act, 1961, contained in Schedule II. The relevant rules are 52, 53, 54, 55 and 56. ( 4 ) RULE 52 empowers the concerned Officer to attach and then proceed to sell and for that purpose to issue proclamation. Rule 53 envisages as to what should be the contents of the proclamation. One of the ingredients in the said proclamation is the reserve price, which is in common parlance called as the upset price. Rule 56 mandates that the sale is to be by public auction and the highest bidder shall be given the chance of knocking off the bid. But, the proviso controls the said rule stating that the price which the highest bidder bids shall not be less than the upset price fixed. In the instant case, in the previous litigation carrying upto this Court in C. R. P. No. 1950 of 1993, the upset price was fixed as Rs. 30,00,000. 00. Pursuant to the same, the upset price of Rs. 30,00,000. 00 was fixed in the proclamation of sale dated 11-9-1998 and clause (ii) of the said proclamation of sale reads "the reserve price below which the property shall not be sold is Rs. 30,00,000. 00". 30,00,000. 00. Pursuant to the same, the upset price of Rs. 30,00,000. 00 was fixed in the proclamation of sale dated 11-9-1998 and clause (ii) of the said proclamation of sale reads "the reserve price below which the property shall not be sold is Rs. 30,00,000. 00". But, in the instant case, the highest bid of the auction purchaser in whose favour the bid was accepted, was only Rs. 24. 5 lakhs, which is less than the upset price of Rs. 30. 00 lakhs and this is in direct violation of not only proclamation but also the rules enumerated supra. ( 5 ) EVEN on equitable grounds, the auction purchaser has got no case, for he has only deposited Rs. 50,000. 00. The said amount be refunded to the auction purchaser forthwith. The Recovery Officer, the 1st respondent herein, shall now conduct the sale by issuing a fresh proclamation of sale by fixing the upset value, which in no event can be less than Rs. 30,00,000/- (Rupees thirty lakhs only), after verifying the same with regard to the similarly situated properties. The auction shall be held as expeditiously as possible, but not later than two months from the date of receipt of a copy of this order. ( 6 ) THE writ petition is allowed to the extent indicated above. No costs. Ordered accordingly.