RABINDRA KUMAR PATIL Vs. STATE OF ORISSA

JUDGEMENT

(1.) The ICICI Bank conducted auction sale of a tractor and trolley on 30-1-2006. The offer of the petitioner being highest, the same was accepted. The petitioner paid a sum of Rs. 2,05,000.00 and Rs. 30,000.00 towards the cost of tractor and trolley bearing registration numbers OR- 02-AE-2859 and OR-02-AE-2860 respectively and possession thereof was handed over to him. After taking over possession of the tractor and trolley the petitioner, it is submitted, spent an amount of Rs. 1,30,000.00 towards cost of repair thereof and cost of accessories to bring the same in running condition. He also deposited the required Road Tax with the RTO, Bhubaneswar and obtained receipts thereof.

(2.) While matter stood thus, on the basis of a complaint filed by present opposite party No. 2 the aforesaid ICC No. 719/06 was registered in the Court of the learned SDJM, Bhubaneswar which was subsequently registered as G.R. Case No. 1100 of 2006. It was alleged that though opposite party No. 2 had purchased the aforesaid tractor and trolley on hire-purchase agreement from the ICICI Bank, the latter without any justifiable reason or authority whatsoever forcibly took away the said tractor and trolley and un-authorisedly sold the same to the present petitioner.

(3.) In course of investigation the tractor and trolley in question were seized from the possession of the petitioner. The petitioner claiming to be a bona fide purchaser filed a petition under Section 457, Cr.P.C. before the SDJM, Bhubaneswar with a prayer to release the said tractor and trolley in his Zima. The learned SDJM on scrutiny of the materials available on record came to the conclusion that the same had been seized by the ICICI Bank from opposite party No. 2-complainant as he defaulted in repayment of the loan, which the Bank had the right to do. It was further held that in fact the investigating agency had seized the tractor and trolley in question from the custody of the present petitioner who had purchased the same for value from the Bank in an auction sale conducted by the Bank. On the basis of such conclusion the SDJM allowed the petition filed under Setion 457, Cr.P.C. and directed that the seized tractor and trolley be released in the interim custody of the petitioner subject to his depositing Rs. 1,00,000.00 in Court and filing an indemnity bond for Rs. 2,00,000.00 incorporating the following conditions :-