LAWS(KER)-1989-8-62

KURUVILA THOMAS AND CO. Vs. SBT

Decided On August 24, 1989
Kuruvila Thomas And Co. Appellant
V/S
SBT Respondents

JUDGEMENT

(1.) Advocate Shri Joseph Vellappilli has taken notice for the respondent. I heard the counsel for the petitioners and the counsel for the respondent.

(2.) Petitioners are the judgment debtors in a decree for sale on the basis of a mortgage. The only question that deserves to be considered in this Civil Revision Petition is when once the execution court has fixed a reserve price under R.72A of O.21, and if the mortgagee is unwilling to purchase the property for the reserve price, can the court progressively reduce the price to see that any outside bidders are willing to purchase the property.

(3.) In this case, initially, the judgment debtors estimated the value of the property to be sold at about Rs. 30 lakhs and the decree holder at Rs. 13 and odd lakhs. In these circumstance, applying R.72A of O.21 the court wanted to fix a reserve price, since the decree holder wanted leave to bid the property in auction. A commission was appointed and the commissioner has given his opinion about the price and he said that the property may fetch a price of Rs. 24,09,000/-. The decree holder filed its objection to the commission report and according to the decree holder, the price found by the commissioner is too high and the decree holder is not willing to purchase the property for that price. The property was put up for sale by the court for two times and no body was ready to bid the property in auction. In these circumstances, the court passed the present order and posted the sale to 26th August.