State Bank of India v. Nischal Jain and Ors.
Case brief
What is this about?
In an execution appeal regarding a cancelled auction sale, the court directed the appellant bank to release the auction amount along with interest to the auction purchaser within six weeks of producing the certified copy of this order, as there was no objection from the bank or borrower.
What did the court decide?
Direction to the appellant bank to release the auction amount along with interest in favour of the auction purchaser within six weeks from the date of production of certified copy of this order.
Appeal Dy. No. 23/2020 Date: 29.11.2022
State Bank of India Vs. Nischal Jain & Ors.
Present: Shri P. K. Gupta, counsel for the appellant, Shri Amit Sonkar, Advocate holding brief of Shri Prashant Kumar, counsel for the respondent no. 1-Borrower, Miss. Pallavi Mishra along with Shri S. K. Gupta, counsel for the respondent-Auction Purchaser,
Learned counsel for the respondent-Auction Purchaser submits that he was the successful bidder in the auction sale held by the Bank, but the auction was cancelled by the DRT, Lucknow vide order dated 09.12.2019. It is contended that thereafter the possession remained with the Bank, and inspite of repeated correspondence that either the property be handed over to the auction purchaser or the money be refunded, but nothing happened.
Learned counsel for the respondent no. 1-Borrower submits that he does not have possession of the property in question and the possession of the property is with the Bank.
Learned counsel for the appellant has drawn attention of this court to the objection dated 09.11.2022 and has referred to page no. 5 thereof, which is a document regarding physical possession dated 16.07.2019 and has argued that the physical possession of the property in question was handed over to the auction purchaser. Thus, the contention of the respondents that they do not have possession, is incorrect.
Learned counsel for the respondent-Auction Purchaser has drawn the attention of this court to the I.A. No. 413/2022, which has been filed by the respondent-Auction Purchaser and has referred to the annexure no. 5 at page no. 23, wherein in para 5, it has been stated that inspite of repeated request to
Issues for consideration
2 issues framed by the court
Whether the auction purchaser is entitled to return of sale consideration and interest after the auction sale was cancelled.
Whether the appellant bank must release the auction amount with interest within six weeks of the certified copy of this order.
Parties & counsel
- appellant
State Bank of India
- respondent
Nischal Jain
- respondent
Auction Purchaser
Coram
Case details
As recorded by the court registry
All orders in this case
8 orders share this CNR
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