The High Court chamber disposed of a writ petition challenging an order of the Debt Recovery Tribunal rejecting an application to hold a property auction. The court found no merit in the petitioner's contention regarding valuation and deposits.
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Court No. - 28
Case :- WRIT - C No. - 11816 of 2019
Petitioner :- M/S Siddhi Vinayak Agro Industries And 2 Others Respondent :- Chief Manager Allahabad Bank Counsel for Petitioner :- Brijesh Kumar Kesharwani Counsel for Respondent :- Tarun Varma
Hon'ble Rohit Ranjan Agarwal,J.
Heard Sri Brijesh Kumar Kesharwani, learned counsel for the petitioners and Sri Tarun Varma, learned counsel for the respondent bank.
The petitioner has challenged the order passed by Debt Recovery Tribunal dated 28.3.2019 whereby his appeal has been rejected.
According to the petitioner the valuation of the property in dispute is Rs. 34 lacs while the distress value of the property is 29 lacs and petitioner has offered more price to the bank. Further 25% of the offered amount was also deposited before the Tribunal but the Tribunal has rejected the application of the petitioner declining to hold the auction.
Sri Tarun Varma counsel for the bank submits that higher bid is expected to be received and the total outstanding of the petitioner is more than 5 crore and the higher amount so fetched can be adjusted to the outstanding amount.
I find no merit in the present petition. The same stands dismissed.
Order Date :- 5.4.2019 Manish Tripathi
2 issues framed by the court
Whether the writ petition challenging the Debt Recovery Tribunal's order should be allowed.
Whether the petition's case regarding property valuation and deposit merits a finding of merit.
M/S Siddhi Vinayak Agro Industries And 2 Others
Chief Manager Allahabad Bank
Rohit Ranjan Agarwal
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
