Disposed

Hdb Finance Services Limited v. Shri. Jetendra Vishanji Chheda and Anr.

Bombay HC13 Jul 2018CHS/1443/2016

Case brief

AI extract

What is this about?

The High Court refused to reduce the reserve price of a hypothetical property based on a 2014 valuation. The Judge directed that a fresh valuation be obtained to reflect current market rates before any new sale initiation.

What did the court decide?

Direction to get the property valued fresh through a panel valuer; liberty to Deputy Sheriff to place matter for further directions pending valuation.

Hdb Finance Services Limited Vs Shri. Jetendra… — Execution and Attachment | Bombay HC (2018)

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922-CHS1443-16.DOC

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Arun

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION CHAMBER SUMMONS NO.1443 OF 2016

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IN

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EXECUTION APPLICATION NO. 110 OF 2014

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HDB Financial Services Limited…Applicant/
Claimant
Versus
Jitendra V Chedda & Anr…Respondents

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Mr Sandeep D Rankhambe, for the Plaintiff.
Mr SG Chitgopikar, Dy Sheriff present.

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CORAM:G.S. PATEL, J
DATED:13th July 2018

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PC:-

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1.The Deputy Sheriff points out that the flat was valued in
2014-2015. The reserve price was fixed and this was made known.
At the previous auction sale a single bid was received which is far
below the reserve price fixed.

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2.Four years later, in 2018, the present Chamber Summons
seeks that the reserve price be reduced.

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Page 1 of 3
13th July 2018

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922-CHS1443-16.DOC

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3.That may be correct in the context of attempting to sell the
property; but the question is from what should it be reduced and to
what level. I do not think that it is remotely possible to reduce it
from a 2014 valuation or, equally, that it is legitimate to assume that
property prices have remained static between 2014 and 2018. That
does not happen anywhere in Mumbai. The learned Deputy Sheriff
is correct in saying that if any change is to be made, rather than
accept the prayer for a reduction, a fresh valuation ought to be called
for and the reserve price should be fixed afresh on the basis of a
current market valuation.

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4.I believe this submission is entirely sound. The property will
be got valued through the valuer on the panel. The Decree Holder
will deposit an amount of Rs.1 lakh towards an initial advance for
payment of the valuer’s fees. It is made clear that the payment of
valuer’s fees will be initially be the responsibility of and liability of
the Decree Holder. These costs like other costs of sale will be
deducted from the sale price and repaid to the Decree Holder.

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5.Liberty to the Deputy Sheriff to place the matter for
directions once the valuation is obtained. I am making it clear that I
will disclose neither the valuation nor the reserve price so as to
ensure that the best possible and open market rate is obtained at the
next auction sale.

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6. The Deputy Sheriff will make payment from the funds in his hands of the bill of the previous valuer.

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Page 2 of 3
13th July 2018

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922-CHS1443-16.DOC

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7. The Chamber Summons is disposed of in these terms.

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(G. S. PATEL, J)

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Page 3 of 3
13th July 2018

Hdb Finance Services Limited v. Shri. Jetendra Vishanji Chheda and Anr.

Case brief

What is this about?

What did the court decide?

Hdb Finance Services Limited v. Shri. Jetendra Vishanji Chheda and Anr.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Parties & counsel

Coram

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