MALLIKARJUNA KONDAPANENI Vs. STATE OF A.P.

JUDGEMENT

(1.) Heard Sri P. Sai Surya Teja, learned Counsel for the Writ Petitioners and Sri K. Arjun Chowdhary, learned Assistant Government for Stamps and Registration appearing for all the Respondents

(2.) The prayer sought in the present Writ Petition is as under:

(3.) The facts, as stated in the Affidavit filed in support of the Writ Petition, are that the Specialized Asset Recovery and Management Branch of Canara Bank, Tirupati initiated the Proceedings under the provisions of Securitization and Re-construction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) for recovery of the dues from the borrower and issued e-Auction Notice for the sale of subject property on 5/12/2024 indicating that the e-Auction would be conducted on 23/12/2024; that on the scheduled date of e-Auction i.e., on 23/12/2024, the Writ Petitioners herein have participated and were declared as successful bidders for an amount of Rs.2,17,50,000.00 (upset price was fixed as Rs.2,17,00,000.00); that the Writ Petitioners have paid the EMD as well as 25% of the sale amount of a sum of Rs.54,37,500.00 on the same date; that the Writ Petitioners have also complied with all the other conditions and have thereafter paid the entire auction amount to Canara Bank, Tirupati and have obtained the Sale Certificate on 30/12/2024; that the Writ Petitioners approached the Sub-Registrar, Tirupati (Respondent No.4) for registration of the Sale Certificate; whereas, the Respondent No.4 directed the Writ Petitioners to pay the stamp duty and registration fee on the market value of the subject property; that the Respondent No.4 had stated that the registration will not be permissible unless the stamp duty and the registration fee is paid on the market value of the property and not on the auction value; that the Respondent No.4 had also issued Market Value Certificate of the subject property indicating that the total value of the subject property is Rs.3,65,76,500.00 (Three crores sixty five lakhs seventy six thousand five hundred).