ADVANCE INDUSTRIES Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) M/s. Advance Industries, a partnership concern (hereinafter referred to as the judgment debtors) took loan from plaintiff- Bank (hereinafter referred to as the decree holder) much before 1970 and failed to repay the same. Decree holder filed a suit for recovery of the loan. The suit was decreed on 24.4.1970 for a sum of Rs 1,59,209.41 alongwith interest. Appeal against the said judgment and decree was dismissed on 1.4.1981.

(2.) Decree holder took out execution. The property in dispute was put to auction on 6.9.1985 and the same was purchased by respondents 2 and 3 (hereinafter referred to as the auction purchasers) for sum of Rs. 76,000/- and odd. Objections to the auction sale were filed on 22.10.1985. Objection petition filed by the judgment debtor was dismissed on 18.11.1988, for want of evidence. Judgment debtor filed an appeal in this Court which was numbered as FAO No. 2 of 1989 and disposed of by M.S. Liberhan, J. on 24.1.1989, with the following observations:-

(3.) The execution Court has recorded a finding that the property was put to auction after observing all legal formalities such as proclamation on the spot, putting notices on Court's notice board and informing the general public etc. The terms of auction were declared on the spot. Due publication was given in the area. Warrant of sale was issued and a report was received and the objections were filed on 25.10.1985. The judgment debtor did not bother to produce a single witness for 3-1/2 years and, therefore, the objection petition was dismissed for want of evidence on. 18.11.1988.