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Judgment
This writ appeal is filed against an interim order dated
02/05/2017 in W.P.C.No.14614/2017. The petitioner has
approached this Court inter alia contending that she is ready and
willing to deposit the reserve price in respect of item No.5
property in so far as it is a residential building.
Learned Single Judge, by the impugned order, directed
the petitioner to deposit 50% of the reserve price within a period
of one month and the balance to be paid within a further period of
two months thereafter. The auction proposed to be conducted on
05/05/2017 was also directed to be stayed for a period of one
month subject to the said conditions.
Learned counsel for the appellant submits that the
petitioner had approached this Court earlier by filing O.P.(DRT)
No.15/2017 seeking for redeeming properties. In the said
judgment, this Court observed that in so far as the properties
having been put for auction sale, the two properties which were
already sold were allowed to be released on the petitioners
remitting the bid/auction amount. Accordingly, the original
petition is disposed of observing as under:
"In such circumstance, if at all the sale is
attempted and the properties are auctioned,
the petitioners would be entitled to seek for
the same consideration at that time, subject
however to the payment of the amounts as
decided by the respondent Bank."
It is submitted that it is based on the directions stated
above that the property was proclaimed for sale and posted on
05/05/2017. If sale is not held, the actual amount under which
the auction takes place will not be known and therefore it may not
be possible for the Bank to arrive at the exact amount under
which redemption or mortgage can be permitted.
Learned counsel for the respondent/writ petitioner,
however, submits that the interim order had been passed based
on a consent.
But, having regard to the fact that earlier an order had
been passed by this Court on 05/04/2017 permitting the
mortgage to be redeemed on certain conditions, unless the
property is sold in auction, it may not be possible for the Bank to
arrive at the actual amount which could be demanded from the
debtors.
Taking into consideration the overall factual situation,
we are of the view that modification has to be made to the
impugned interim order.
Accordingly, this writ appeal is disposed of as follows:
i) The Bank is permitted to proceed with the sale of the
property which is scheduled on 05/05/2017.
ii) However, confirmation of sale shall be deferred for a
period of four weeks.
iii) In the meantime, the Bank shall intimate the petitioner
about the amount payable to redeem mortgage as far as the
particular item of property is concerned and appropriate steps
shall be taken by the respondent to remit the said amount within
the time specified by the learned Single Judge.