M/S.BRITISH FOAM Vs. DEBTS RECOVERY TRIBUNAL

JUDGEMENT

(1.) HEARD learned counsel for the petitioner, Shri Vipin Sinha appears for respondent bank and Shri Vivek Kumar Singh appears for respondent nos. 4 and 5.

(2.) BY this writ petition, the petitioner has prayed for quashing the auction dated 21st April, 2006 of the mortgaged assets in pursuance of the judgment and decree dated 21st February, 2005 passed by Debt Recovery Tribunal, Allahabad in Transfer Application No. 148 of 2000. The original application was filed by the bank for recovery from the petitioner, which application was allowed for an amount of Rs. 26,87,036.29/- together with pendente lite and future interest at the rate of 15% per annum.

(3.) IT was contended that the sale of the industrial plot was on a throw away price. This Court while entertaining the writ petition, passed an interim order on 9.5.2006, which is to the following effect: