SARAVANA THEATRE Vs. MOOGAMBIGAI FINANCIERS

JUDGEMENT

(1.) THE order passed in E.A.No.88 of 2005 in E.P.No.16 of 2003 in O.S.No.183 of 1999 on the file of the Sub-Court, Gudiyatham is under challenge in this Revision Petition.

(2.) THE Judgment Debtors in E.P.No.16 of 2003 are the Revision Petitioners herein challenging the upset price fixed by the Court in E.A.No. 88 of 2005 in respect of item Nos. 2 and 3 of the schedule to E.P.No.16 of 2003. Admittedly, the decree amount is Rs.37,56,186/-. THE E.P. is for sale of the E.P. Scheduled properties. E.A.No.88 of 2005 was filed by the decree-holder to reduce the upset price for item No.2 from Rs.40,00,000/- to Rs.15,00,000/- and for the item No.3 from Rs.90,00,000/- to Rs.60,00,00/-. THE learned counsel appearing for the Judgment Debtors would contend that without following any norms, the learned Sub-Judge has fixed the reduced upset price arbitrarily.

(3.) IN the result, the Civil Revision Petition is allowed in part. The order passed in E.A.No.88 of 2005 in E.P.No.16 of 2003 in O.S.No.183 of 1999 on the file of the Sub-Court, Gudiyatham, is set aside in respect of item No.2 alone. As far as item No.3 is concerned, the order of the learned Sub-Judge is confirmed. The learned Sub-Judge can proceed with item No.3 at the first instance and only if the sale price for item No.3 is not found sufficient to meet the decree amount, he can proceed with the other items. The learned Sub-Judge is directed to dispose of the E.P. within a period of three months from the date of receipt of a copy of this order. Further, it is open to the judgment Debtors to produce the prospective purchasers at the time of auction. No costs. Consequently, connected Miscellaneous Petition is closed.