K.KRISHNAKUMAR Vs. THE SOUTH INDIAN BANK LTD

JUDGEMENT

(1.) This original petition is filed inter alia seeking the following reliefs:-

(2.) The petitioners subsequently filed separate appeals as Appeal Nos.30/2011 and 31/2011 challenging the sale and confirmation of the sale which are pending before the Tribunal. It is in the said background that this original petition had been filed inter alia reiterating the contentions urged before the Tribunal and the Appellate Tribunal.

(3.) The main contention urged by the petitioners is that there is procedural irregularity on the part of the Recovery Officer in publishing and conducting sale and thereafter confirming the sale. It is pointed out that there was a stay of confirmation of sale during the pendency of Appeal No.34/2009. Though the matter was finally heard on 2/8/2010, the dismissal of the appeal was known only from the entry noted in the A Diary note in the Debts Recovery Tribunal. Though the petitioners had applied for certified copy of the final order, the same was not obtained immediately. Petitioners place reliance on Ext.P9, an order passed in SA No.9/2008 wherein the Tribunal has deprecated the practice of the Bank in publishing sale on the basis of a valuation report obtained one year back. It is stated that the property was grossly undervalued and was sold at a price less than Rs.4 lakhs per cent based on the reduced reserve price fixed by the Recovery Officer.