Canara Bank v. Shri Colonizers and Developers Pvt. Ltd. and 4 Ors.

Regular Appeal No. 28/2022 Date: 29.03.2023

Canara Bank Vs. Shri Colonizers and Developers Pvt. Ltd.

Present: Shri Maneesh Mehrotra, counsel for the appellant, Shri Udai Chandani, counsel for the respondent-Borrower, Shri Ashok Pandey, counsel for the respondent no. 5,

Learned counsel for the respondent no. 5 files reply after serving copy of the same upon the counsel for the appellant, who may file rejoinder by the next date.

Learned counsel for the respondent-Borrower has drawn attention of this court to the application being I.A. No. 165/2023 and has referred to the annexure no. 1, which is at page no. 5 of the said application and has stated that the M.A. No. 48/2022 was filed by the auction purchaser before the Tribunal below, which was finally disposed off vide order dated 17.08.2022 recording that the auction sale has been set aside and the bank has directed to return the sale proceed after receiving the original sale certificate. The application was moved by the successful bidder on the ground that the interest on the amount so deposited by him, which was to be refunded, was to given with interest @ 12% and also demanded amount spent in litigation and compensation, which was declined by the Tribunal below. It is, thus contended that the sale has been set aside and the respondent-borrower is ready to deposit entire amount due within a week.

The learned counsel for the appellant seeks time to take instruction from the Bank.

Learned counsel for the respondent-Auction Purchaser has raised objection to the contention of the learned counsel for the respondent-borrower.