GIRISHCHAND BANSAL Vs. DEBT RECOVERY TRIBUNAL AND OTHERS

JUDGEMENT

(1.) In this writ petition preferred under Article 226 of the Constitution of India, the petitioner, who is an auction purchaser, has assailed the validity of the order dated 03.05.2006 passed by the Debt Recovery Tribunal, by which auction in so far it pertains to property purchased by the petitioner has been set aside. In order to appreciate the petitioner's grievance, few facts need mention which are stated infra.

(2.) Admittedly, Bank of India initiated proceeding under the provisions of Recovery of Debts due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as the '1993 Act'), for recovery of debt due to one Ras Motors Private Limited, who had mortgaged four immovable properties i.e. land and the houses situate thereon, bearing No.32/1163/1/1, 32/1163/1/2, 32/1163/1/3 and 32/1163/1/4 situate at Jhansi Road Gwalior, to secure the amount of loan. The claim of the Bank was decreed vide order dated 23.04.2004 to the tune of Rs.1,25,42,835/- along with interest from 12.01.2001 till realisation of the amount in question.

(3.) In the execution proceedings, a notice inviting tenders in respect of the properties mortgaged by the debtor i.e. M/s Ras Motors Private Limited was issued on 21.11.2005, by which tenders were invited up to 29.12.2005 up to 2.00 P.M. And the tenders were to be opened on the same day at 3.00 P.M. The petitioner submitted his tender in respect of House No.32/1163/1/4 as described in notice inviting tender dated 21.11.2005. The petitioner's bid was found to be the highest.