BALLYFABS INTERNATIONAL LTD. Vs. STATE OF WEST BENGAL

JUDGEMENT

(1.) The brief, undisputed facts of the case are as follows:

(2.) The petitioners purchased the property in a public e-auction conducted by the IDBI Bank under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "SARFAESI Act") for a consideration of Rs.14,01,00,000.00.

(3.) In view of the Bank not being willing to execute a conveyance in the format suggested by the petitioners, petitioner no.1 filed a suit bearing CS No. 64 of 2018 for declaration and mandatory injunction to approve of the draft conveyance forwarded by the petitioners. In the suit, the Bank agreed to execute the conveyance and the learned Single Judge taking up the suit and connected application directed execution of the conveyance by the Registrar of Assurances.