SULFICKER Vs. UCO BANK

JUDGEMENT

(1.) THE petitioner is seeking review of the judgment dated 30.3.2011, on the premise that he is only a guarantor to the loan transaction and that he had already deposited the entire bid amount of Rs.53 lakhs.

(2.) DURING pendency of the writ petition, it was brought to notice of this Court that, the property in question was sold in auction for a sum of Rs.53 lakhs and the 4th respondent herein, who is the bidder, has deposited 25% of the said amount. Eventhough various remittances were made by the petitioner, in compliance of interim orders issued, he had failed to comply with the condition imposed through order dated 7.3.2011 to make deposit of a sum of Rs.28 lakhs on or before 28.3.2011. It is now stated that the said amount of Rs.28 lakhs was also deposited in a Savings Bank account maintained by the petitioner in the 1st respondent Bank itself. Learned counsel for the petitioner seeks indulgence of this Court in directing the 1st respondent Bank to appropriate the said amount and to release the property considering the fact that the sale is not yet confirmed and the proposed bidder had deposited only 25% of the bid amount.

(3.) HEARD ; standing counsel appearing for respondents 1 and 2. It is submitted that if the petitioner remits the entire bid amount of Rs.53 lakhs, along with compensation if any payable to the auction bidder, the Bank has no objection in releasing the property to the petitioner, with liberty reserved in favour of them to recover the balance amount by proceeding against the assets of the Company as well as against all the Directors personally.