HDFC BANK LIMITED Vs. ARUN KUMAR CHAKRABORTY

JUDGEMENT

(1.) Initially, the sale was confirmed in favour of one Nitin Dave for Rs. 7.51 lakh who had furnished an amount of Rs. 20,000/ - as earnest money but the said bidder did not deposit the balance amount and the order confirming the sale was recalled. Subsequently, the decree -holder received an offer of Rs. 6.85 lakh from one Arun Yadav. The sale was again confirmed in favour of the said offerer and a further direction was made to deposit the sale consideration within a specified time by bank draft in favour of the decree -holder. The present application has been taken out as the said offerer has also backed out.

(2.) It is submitted by the decree -holder that the value of the asset in question is depreciating day by day and, therefore, the sale should be confirmed at a price of Rs. 5.85 lakh as offered by one Md. Mirazuddin. A pay order of Rs. 20,000/ - has been forwarded as an earnest money.

(3.) It transpires that at the first instance, the sale notice was duly published in the newspaper and five offers were received from the intending purchasers. Though it cannot be ruled out that the value of the asset in question has depreciated by passage of time, I feel that if the sale notice is advertised in leading newspapers, a better offer can be received.