NAVNATH DATTATRAY Vs. BALASAHEB BHAPKAR

JUDGEMENT

(1.) This is an Appeal U/s. 11 of The Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999 (for short ' MPID Act'). The Appellant has challenged the order dtd. 20/08/2021 passed by the designated court under the MPID Act, City Civil & Sessions Court, Mumbai, in Miscellaneous Application No.51 of 2021 in MPID Special Case No.7 of 2016 in C.R.No.83 of 2015. The Respondent Nos.1, 2 and 3 are the original accused. The Appellant is interested in purchasing one of the properties of the accused which was attached under the provisions of MPID Act. By the impugned order the learned Special Judge rejected the appellant's application for permission to purchase the said property for Rs.1,21,00,000.00. The amount deposited by the applicant was directed to be returned to him by the Registry of the Sessions Court.

(2.) The brief background of this Appeal as mentioned in the police report filed before the MPID Court in the proceedings preferred by the present applicant are as follows:

(3.) Before the Appellant, one Ghanshyam Zanwar had showed his interest in purchasing the said property for Rs.1,20,00,000.00. However, he had not deposited the complete EMD amount. The Special Judge under MPID Act vide his order dtd. 09/07/2019 directed the SEBI to accept the bid of said Ghanshyam Zanwar. In the meantime, the accused also brought two prospective buyers to purchase the said property for Rs.1,40,00,000.00. But neither Ghanshyam Zanwar nor those buyers brought by the accused could purchase the said property. Therefore, the Special Judge passed an order on 07/08/2019 in M.A.No.1120 of 2019 in the said case and directed the SEBI to conduct fresh e-auction of the property within two weeks from the date of order by issuing e-auction notice.