R.S. INFRA TRANSMISSION LTD Vs. SAURININDUBHAI PATEL

JUDGEMENT

(1.) Feeling aggrieved and dissatisfied with the impugned judgment and order dated 22.12.2015 passed by the High Court of Gujarat at Ahmedabad in Special Civil Application No. 17981 of 2015 by which the High Court has allowed the said petition preferred by the respondent Nos. 1 and 2 herein - original writ petitioners before the High Court and has set aside the order passed by the Debts Recovery Appellate Tribunal, Mumbai (hereinafter referred to as "DRAT") dated 07.09.2015 in Appeal No. 223 of 2007 and has consequently confirmed the sale in favour of the original writ petitioners, respondent No.5 - subsequent purchaser - M/s. R.S. Infra-Transmission Ltd. has preferred the present appeal.

(2.) The facts leading to the present appeal in nutshell are as under:-

(3.) Shri Guru Krishnakumar, learned Senior Advocate appearing on behalf of the appellant - subsequent purchaser has vehemently submitted that in the present case, as such, the appellant can be said to be a bona fide purchaser, who purchased the property in question on payment of full sale consideration. It is submitted that at the time when the appellant purchased the properties in question, the judgment debtor had already exercised the rights under Rule 60 of the Second Schedule of the Income Tax Act, 1961 and after the Recovery Officer passed the order in favour of the Judgement Debtor and directed the Bank to hand over the original documents pertaining to the properties in question and at the time when the appellant purchased the properties in question, the documents pertaining to the properties in question were handed back to the judgment debtor. It is submitted that therefore as such any subsequent order cannot defeat the rights of the appellant, who is a bona fide purchaser, who purchased the properties in question pursuant to the order passed by the Recovery Officer dated 15.02.2007.