ICICI BANK LIMITED Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This Chamber Summons is taken out by the Defendant no. 1 for setting aside the order confirming the sale of the immovable property in Lot No. 9 situated at Plot No. C30 to C36 paware Village, Thane, Belapur Road, New Bombay, for accepting the offer of one M/s. Nensee Construction Pvt. Limited for a specified sum, for taking over possession from the auction purchaser and for conducting fresh auction.

(2.) The Court Receiver came to be appointed in this Suit. The court Receiver was directed to sell several properties of the first Defendants. These properties were under various lots. This Chamber Summons is concerned under Lot No. 9. This auction was held on 5th April, 2005. The Court Receiver made a report to the Court in that behalf on 11th July, 2005. An order came to be passed on the Court Receivers report confirming the sale in favour of Respondent No. 1 on 5th september, 2005. It is that order confirming the sale that is challenged.

(3.) The paragraph 13 of Court Receivers report dated 11th july, 2005 with regard to Lot No. 9 shows that 7 offers were received for purchase of the aforesaid property. The highest offer was that of Mr. A. R. Shah at 9. 45 Crores, which was accepted by the Court Receiver. However, that offerer failed to deposit the balance amount required to be initially deposited, despite extension of time granted by the Court. After the date of the bid an offer of the first Respondent of rs. 9. 75 Crores was received. Thereafter one more offer was brought in by the Plaintiffs which was for Rs. 10. 51 Crores.