COLLECTOR OF STAMPS Vs. PINAK BHARAT & CO.

JUDGEMENT

(1.) These Appeals challenge the order dtd. 27/3/2019 passed by the learned Single Judge of this Court. The appellant-Pinak Bharat & Co. in Commercial Appeal (L) No.28626 of 2023 is aggrieved by that part of the impugned order which stipulates "if the sale price is at or below the valuation obtained, then the valuation will serve as the current market value"; whereas the Appellant- the Collector of Stamps, Mumbai City in Commercial Appeal No.14 of 2024 challenges that part of the impugned order whereby it is held that the Collector of Stamps cannot determine true market value of a property sold in public auction conducted by Court and the valuation report obtained by the Court should be accepted. Since the common order is under challenge, the present appeals are disposed of by a common judgment and order.

(2.) We refer to the facts in Commercial Appeal (L) No.28626 of 2023. The Appellant No.1-Pinak Bharat & Co. (hereinafter referred to as "Pinak Bharat & Co." for short) is a partnership firm and the Original Judgment Creditor. The Appellant No.2 is the partner of Appellant No.1 as well as the partner of M/s. Win Win Associates, a sister concern of Pinak Bharat & Co., in whose favour the sale of the subject property came to be confirmed vide Order dtd. 30/10/2018 and the Certificate of Sale dated 30 th November 2018 came to be issued. Respondent No.1- Anil Ramrao Naik is the Original Judgment Debtor. Respondent No.2 is the Collector of Stamps (hereinafter referred to as "the Collector of Stamps").

(3.) A few relevant facts material to the decision are :- On 25/9/2015 an Award was passed in Arbitration proceedings against Anil Ramrao Naik (Respondent No.1) to pay Pinak Bharat & Co. a sum of Rs.3,50,30,150.00 together with interest @ 12% p.a. from 22 nd February 2005 amounting to approximately Rs.9.39 crores. The Warrant of Sale was issued by this Court on 18 th October 2016 in Execution Application No.22 of 2016. The first auction was fixed when no bids were received. This Court on 17 th January 2018 passed an order reducing the reserve price from Rs.32.24 crores to Rs.25.00 crores. There were tenants situated in the property.