DHANALAKSHMI BANK LTD Vs. SARITHA FURNITURE MART

JUDGEMENT

(1.) The short question that is raised for consideration in this Civil Revision Petition is, whether the execution court, which originally fixed an upset price or reserve price, for the property proposed to be sold, could reduce the same on the ground that, there are no bidders to purchase the property for the price so fixed.

(2.) Dhanalakshmi Bank Limited, Mundur Branch, is the revision petitioner, and the decree holder in E.P.No. 226/2003 on the file of the Sub Court, Thrissur. It brought to sale, 1 acre 23 cents of property at Vellattanjur village, Thalappilly Taluk of Thrissur District. The reserve price fixed was Rs. 5 lakhs. When the property was put on sale, there were no bidders. Therefore, the sale was adjourned. The revision petitioner, decree holder, filed an execution application, praying to reduce the upset price fixed, from Rs. 5 lakhs to Rs. 3.5 lakhs. But through the impugned Order, the court below, dismissed the prayer. Hence, this revision petition.

(3.) I heard both sides. The learned Counsel for the revision petitioner, decree holder, placed reliance on Kuruvila Thomas v. State Bank of Travancore 1988 (1) KLT SN 43 P.23 : 1989 (2) KLJ 485 where it was held that: