Petitioner, successful bidder in bank asset auction, sought extension to pay balance amount due to COVID-19 lockdown. Court granted two weeks time to pay balance with 6% interest.
Twelve weeks time granted to pay balance amount of Rs. 26,55,000/- with interest at 6% p.a. from 01.07.2020.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
W.P.(MD).No.11040 of 2020
BEFORE THE MADURAI BENCH OF MADRAS HIGH COURT DATED : 21.09.2020 CORAM : THE HONOURABLE MR.JUSTICE M.SATHYANARAYANAN and THE HONOURABLE MR.JUSTICE P.RAJAMANICKAM W.P.(MD).No.11040 of 2020
Mrs.P.Padmavathi
... Petitioner Vs.
Tamilnad Mercantile Bank Limited, represented by its Authorised Officer, Pudukottai Branch, 2738, KLKS Complex, East Main Street, Pudukottai.
... Respondent
Prayer: The Writ Petition is filed under Article 226 of the Constitution of India for issuance of a Writ of Mandamus directing the respondent Bank to accept the balance 75% of bid amount with regard to auction conducted on 18.03.2020 pertaining to the property of vacant land to the extent of 501/2 cents or 21998 sq.ft. or 2044.42 sq.m. situated at S.No.122/1D, Sub Division S.No.122/1D2, 9A, Nathampannai Village, Thirugokarnam Vattam, Pudukottai Taluk and District and consequently issue the sale certificate in favour of the writ petitioner.
For Petitioner : Mr.A.Joseph Dorairaj For Respondent : Mr.S.Sethuraman Standing counsel for TMB
O R D E R
(Order of the Court was made by M.SATHYANARAYANAN,J. )
The petitioner became the successful auction purchaser in respect of a sale of secured assets in the form of vacant land admeasuring to an extent of 501/2 cents or 21998 sq.ft. or 2044.42 sq.m. situated at S.No.122/1D, Sub Division S.No.122/1D2, 9A, Nathampannai Village, Thirugokarnam Vattam, Pudukottai Taluk and District. In the auction sale conducted by the Bank on 18.03.2020, under the provisions of SARFAESI Act, 2002, the petitioner had quoted a sum of Rs.35,40,000/- for the said property and he was declared as the successful bidder and he paid a sum of Rs.5,32,100/being the 15% of the bid amount, and in all he has paid 25% of the bid amount on 18.03.2020.
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W.P.(MD).No.11040 of 2020
The petitioner shall pay the balance amount of Rs.26,55,000/with interest at the rate of 6% p.a. from 01.07.2020 till the payment of entire amount. Time for payment is two weeks from the https://hcservices.ecourts.gov.in/hcservices/ date of receipt of a copy of this order. In the event of default, it
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W.P.(MD).No.11040 of 2020
is open to the respondent/Bank to proceed further in accordance with law.
Assistant Registrar
// True Copy //
Note : In view of the present lock down owing to COVID -19 pandemic, a web copy of the order may be utilized for official purposes, but, ensuring that the copy of the order that is presented is the correct copy, shall be the responsibility of the advocate/litigant concerned.
To
Tamilnad Mercantile Bank Limited, represented by its Authorised Officer, Pudukottai Branch,
2738, KLKS Complex, East Main Street, Pudukottai.
+1 CC to M/s.V. KARTHIKEYAN, Advocate ( SR-17680[F] dated 22/09/2020 )
W.P.(MD).No.11040 of 2020 21.09.2020
SS(CO) KK(07.10.2020) 3 P 3C
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2 issues framed by the court
Whether the petitioner can be granted further time to pay the balance auction amount considering the COVID-19 pandemic.
Whether the bank can be directed to accept late payment of the balance auction amount with interest.
2 provisions across 2 enactments
Mrs. P. Padmavathi
Tamilnad Mercantile Bank Limited
M.SATHYANARAYANAN
P.RAJAMANICKAM
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
