P.KARUPUSAMY Vs. RESERVE BANK OF INDIA

JUDGEMENT

(1.) The second respondent bank brought the secured assets of a defaulting borrower, admeasuring to an extent of 5527.50 sq.ft. comprised in R.S.No.388/9B and factory building constructed therein, bearing Old D.No.21 A, New No.42 (Ward No.66(old), 100 (new) at EB Main Road, Muthuramalingapuram, Pykara Main Road, GST Road, Madakulam Village, Madurai, through an auction sale conducted on 27.03.2020 and the petitioner, became a successful bidder offered a sum of Rs.87,00,000/- (Rupees Eighty Seven Lakhs only). As per the terms and conditions of the auction sale, the petitioner being a successful bidder have to pay 25% of the bid amount of Rs.21,75,000/- (7,33,500/- + 14.41,500/- ) on the same day and accordingly, it was paid and the remaining 75% of the bid amount to be paid by him within a period of 15 days on or before 11.04.2020.

(2.) The learned counsel appearing for the petitioner would submit that on account of the sudden outbreak and the onset of COVID-19 pandemic virus, the petitioner was not able to mobilize his funds, but with more difficulty, he managed the funds and since he is ready to make the balance payment of Rs.65,27,181/- (Rupees Sixty Five Lakhs Twenty Seven Thousand One Hundred and Eighty One only) in favour of the second respondent bank, this Court is kind enough to enlarge the period of time and prays for appropriate orders.

(3.) Per contra, Mr.N.Dilip Kumar, learned Standing Counsel appearing for the second respondent would submit that the petitioner, having participated in the public auction, is supposed to aware of the terms and conditions of the auction sale and therefore, he is under obligation to make good the balance payment within the stipulated time and cannot prefer equity in the form of extension of time to make the payment of the balance amount and he would further submit that in the event of this Court is showing benevolence in the form of enlargement of time, the petitioner may be directed to pay some simple interest among the said outstanding balance amount to be made by the petitioner.