K. CHANDRASEKHAR Vs. GOVERNMENT OF INDIA AND ORS.

JUDGEMENT

(1.) THE petitioner herein was successful bidder of the auction conducted by respondent No. 3, the Authorised Officer, Indian Overseas Bank, Brodipet Branch, Guntur, on 25 -10 -2012, concerning item No. 1 of the properties mentioned in the e -auction notice, dated 22 -09 -2012, and he has deposited Rs. 6,62,500/ - (Rupees six lakhs sixty two thousand and five hundred) towards 25% of the sale price (bid amount) as required by the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

(2.) HE filed the instant writ petition praying to declare the action of respondent No. 3 in forfeiting the amount deposited by him, on the ground that when the e -auction notice, dated 22 -09 -2012, was issued by respondent No. 2 - Indian Overseas Bank, Brodipet Branch, Guntur, pendency of S.A. No. 221 of 2012 before the Debts Recovery Tribunal, Visakhapatnam (DRT) is not notified therein.

(3.) THEREFORE , it is his case that respondent No. 3 suppressing all previous facts, published e -auction notice, dated 25 -10 -2012, and received 25% bid amount and in the letter, dated 06 -11 -2012, incorporated the condition that sale confirmation was subject to out come of S.A. before the DRT and since his demands proved abortive and as there is no other alternative efficacious remedy, he invoked the original jurisdiction of this Court requesting to direct the respondents to return the amount deposited by him with interest at 12% per annum.