JINDAL RICE & GENERAL MILLS, NISSING, KARNAL AND OTHERS Vs. ORIENTAL BANK OF COMMERCE, KARNAL AND OTHERS

JUDGEMENT

(1.) The present writ petition has been filed with a prayer for quashing of sale notice dated 30.06.2018 (Annexure P-3) as the petitioner No.3-proposed buyer was willing to purchase property No.3 mentioned in the sale notice for Rs.3 crores and the property was sold to respondent No.3 for Rs.2.5 crores. Further, a prayer has been made seeking quashing of auction proceedings dated 31.07.2018 whereby the property of M/s Jindal Rice Mills alongwith plant & machinery have been sold for Rs.2.5 crores to respondent No.3.

(2.) The petitioner No.1 is a partnership firm who borrowed loan from respondent-bank. Petitioner No.2 is the partner of the firm and petitioner No.3 is the buyer who gave the proposal to purchase the property No.3 in the sale notice.

(3.) Oriental Bank of Commerce, Resolution Recovery and Law Cluster, Karnal; Oriental Bank of Commerce, Karnal Branch are respondents No.1 and 2 respectively. Respondent No.3 is successful bidder in the auction. Superintendent of Police, Karnal, SHO Police Station, Nissing, Karnal, District Magistrate-cum-Deputy Commissioner, Karnal and Tehsildar-cum-Duty Magistrate, Karnal have been arrayed as respondents No.4 to 7 respectively in the writ petition.