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Judgment
Ashok Menon, Chairperson
The Appeal has been disposed of in accordance with the common order dated 23.08.2022. The amount due to the creditor has already been cleared as per the order, and what remains to be taken care of is the amount returnable to the auction purchaser.
The learned counsel for the auction purchaser submits that the because of the pre-mature release of the amount certain penalties are to be paid to the bank and therefore, the interest that will be lost to the auction purchaser will have to be made good by the Appellant. The Appellant undertakes to pay that amount and the exact amount that is due will have to be calculated by the Recovery Officer and the Recovery Officer may calculate the amount which shall be paid by the Appellant.
The Registry of D.R.A.T. is directed to release the amount of the ₹ 54,00,000/- and the accrued interest if any to the Respondent Bank on proper acknowledgement.
The Appeals are disposed of accordingly.
If there is any surplus it shall be repaid to the borrower, and the shortfall if any shall be made good by the borrower.