K.A. JOHN Vs. DISTRICT COLLECTOR

JUDGEMENT

(1.) THE petitioners in these Original Petitions are partners of a firm which has taken a loan from the Financial Corporation. The property mortgaged by the petitioners was attached by the Tahsildar and sold in revenue recovery proceedings. The petitioners' case is that the sale was not in accordance with the procedure and which has resulted in the sale at a low price. However, the purchaser who has obtained the property in auction has agreed to reconvey the property to the petitioners on payment of his cost, i.e., the price paid by him, conveyance cost and interest at the rate of 12%. The stand taken by the purchaser is absolutely reasonable and, therefore, there is no need for this Court to go into the contentions raised by the petitioners against the sale in recovery proceedings. This Court vide interim order dated 12.11.2002 requested the petitioners to find out a buyer and report the matter before this Court. Today, learned Counsel for the petitioners has pointed out that the sale consideration paid by the purchaser is not credited in the petitioners' account. According to the learned Standing Counsel for the Financial Corporation, the payments are fully credited by the Corporation. Having heard all parties, the Original Petitions are disposed of with the following directions. If the petitioners approach the Corporation with proof of payments so far made by them, the Corporation will credit the same including the payments received from the purchaser of the land and then demand the balance amount excluding the penal interest. If the petitioners remit the said amount to the Corporation and pays the amount to the purchaser towards his cost, expenses and interest @ 12%, then the purchaser will execute sale deed in favour of the petitioners or to their nominees and with that document the petitioners will approach the Tahsildar (Revenue Recovery) who will deliver possession ofthe property to the petitioners. If the petitioners do not clear the balance arrears due to the Corporation, then the petitioners will have no right to claim the property from the purchaser and the purchaser is free to take over the property.

(2.) ORIGINAL Petitions are disposed of as above.