HANU REDDY REALTY INDIA PVT LTD Vs. JIGNESH

JUDGEMENT

(1.) THESE civil revision petitions are directed against the order dated 01. 12. 2005 in M. A. No. 124 of 2005, whereby the Debts Recovery Appellate Tribunal modified the order dated 28. 07. 2005 in Appeal No. 2/2005 on the file of the Debts Recovery Tribunal-I, Chennai, with respect to the property in item No. 1 in the auction notice held on 18. 11. 2004 (C. R. P. No. 1842 of 2005) and the order dated 20. 02. 2006 in I. N. No. 315/2005 and I. A. No. 91/2006, whereby the Debts Recovery Appellate Tribunal directed to take steps to auction the property in item No. 3 of the auction notice (C. R. P. No. 518 of 2006 ).

(2.) W. P. NO. 536 of 2006 has been filed by the defaulter for issue of a Writ of Certiorari calling for the orders dated 28. 07. 2005 in Appeal No. 2/2005 as well as the order dated 01. 12. 2005 in M. A. No. 124 of 2005 which is the subject matter of C. R. P. No. 1842 of 2005 and to quash the same.

(3.) FOR the purpose of appreciating the facts in all the three matters, the factual details as found in C. R. P. No. 518 of 2006 is referred to here under: the third respondent in C. R. P. No. 518 of 2006, namely M/s. Global Trust Bank, Chennai filed O. A. No. 1481 of 1998 before the Debts Recovery Tribunal-I, Chennai against the respondents 1 and 2 (hereinafter referred to as defaulters) for recovery of a sum of Rs. 13,17,43,056. 58 with future interest at the rate of 24% per annum and the said original application was allowed as per order dated 27. 12. 2002 and a recovery certificate for the said sum was issued by the Tribunal. In pursuance of the recovery certificate No. 35/2003 issued by the Tribunal, three items of property were brought to sale and for better appreciation, the details of property offered for sale are scheduled here under: