CHANDRA KUMAR GALANI Vs. SMRITI TALKIES

JUDGEMENT

(1.) THESE are two appeals which are decided by a common order because the question in the present case is a common. Appeal No. R -23/13 has been filed by the appellant challenging the order passed by the Tribunal on 30th November, 2012 in Appeal No. 03/10, by which the Tribunal has allowed the appeal so preferred by the Bank in exercise of the powers conferred under Section 30 of the RDDBFI Act, 1993. Appeal No. R -22/13 has been filed by the appellant against the order passed by the Tribunal on 30th November, 2012 in appeal No. 02/10, by which the Tribunal has allowed the appeal of the borrower.

(2.) BEFORE the Tribunal two appeals were preferred one by the borrower and another by the respondent -Bank challenging the order passed by the Recovery Officer on 7th January, 2010. Appeal preferred by the borrower has been allowed by the Tribunal and as a consequence of the order passed in appeal preferred by the borrower, the Tribunal has also allowed the appeal preferred by the Bank which is reflected from the orders impugned passed by the Tribunal.

(3.) THE relevant facts for the adjudication of the present case are that against the borrower an Original Application under Section 19 of the RDDBFI Act, 1993 was filed by the Bank which ultimately was allowed by the Tribunal. After issuance of the Recovery Certificate, the Recovery Officer proceeded towards the recovery and the Bank submitted the relevant information with regard to the property alongwith the reserve price. Accordingly the property was put to auction and the auction was scheduled for 2nd September, 2009. In the auction three bidders participated and bid of the appellant for Rs. 20.00 lacs was accepted being a highest bid. In addition to the appellant, two other bidders i.e. National Constructions and Sanjay Agrawal participated in the auction.