WORLD TRADE PARK LIMITED Vs. UCO BANK

JUDGEMENT

(1.) Counsel for the petitioners argued that the Debt Recovery Tribunal, Jaipur passed order dt. 7th June, 2019 in SA No. 141/2019 (World Trade Park Limited and Ors. Vs. UCO Bank and Ors.), whereby the E-auction notice dt. 9th May, 2019, was stayed in respect of the proposed auction of property at Hall-"B" and Hall-"C" of the mortgaged property, as the reserve price for the Hall-"B" of Rs. 25.01 Crore was much more than the value of outstanding amount including future charges.

(2.) Counsel submitted that the Debt Recovery Tribunal, Jaipur also directed the private buyers to deposit an amount of Rs. 12.00 Crore or the balance sale consideration of Hall-"B" and Hall-"C", whichever was higher on or before 22nd June, 2019, before the Tribunal by way of draft in favour of respondent-Bank and the respondent-Bank was to file draft NOC before the Tribunal on 22 nd June, 2019.

(3.) Counsel argued that the Debt Recovery Tribunal, Jaipur again passed an order in IA No. 822/2019 dt. 28 th August, 2019, wherein, fresh directions were given. Counsel submitted that the direction was given to the private buyers to file undertaking subject to the Bank giving NOC in respect of Hall-"B" and Hall-"C" and release of the charge and the same, after ensuring to deposit amount of Rs. 1201.29 Lakhs with the Bank or in account of SA applicant-petitioner within a period of 30 days.