RCM INFRASTRUCTURES LIMITED Vs. ANDHRA BANK
HIGH COURT OF ANDHRA PRADESH
RCM INFRASTRUCTURES LIMITED
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V. Ramasubramanian, J. -
(1.)Challenging a conditional order of stay passed by the Debts Recovery Tribunal (DRT) in an application for stay of auction, the borrower company came up with one writ petition in W.P. No.43368 of 2018.
(2.)On 29.11.2018, when the writ petition, W.P. No.43368 of 2018, came up for orders as to admission, this Court passed the following order:
"Smt. V. Dyumani, learned Standing Counsel, takes notice for the Bank.
By a conditional order, dated 29.10.2018, the Debts Recovery Tribunal permitted the auction to go on 30.10.2018, but the confirmation was stayed subject to a condition that a sum of Rs.4.00 crores was deposited by the petitioner within a week and another sum of Rs.8.00 crores was deposited with n a further period of eight (8) weeks. After making a deposit of a total amount of Rs.1,90,80,000/-, the petitioner has come up with the above writ petition just for the purpose of extension of time to comply with the conditional order.
According to the learned counsel for the Bank, the auction was held on 30.10.2018 and four properties were sold and the buyers have deposited the money. The learned counsel for the Bank shall file a statement on 03.12.2018, indicating the following particulars:
1. The description of property sold.
2. The upset price.
3. The number of bidders.
4. The highest bid amount.
5. The amount so far deposited by the highest bidder and the name of the highest bidder.
The above tabulation will enable this Court to come to a conclusion whether any extension of time could be granted or not.
Post on 03.12.2018 for orders.
Till then, the sale shall not be confirmed."
(3.)Subsequently the matter came up on 13.12.2018, and this Court directed the impleadment of the highest bidders in the auction sale. The order passed on 13.12.2018 reads as follows:
"The learned counsel for the Bank shall furnish the details of the names and addresses of the highest bidders in respect of the properties at serial Nos.5, 9 and 10, in which only confirmation letters have been issued and also in respect of the property at serial No.7 for which a sale certificate has also been issued. The details shall be furnished to the counsel for the petitioner within two days. Immediately upon the details being furnished, the counsel for the petitioner shall file necessary application for impleading the highest bidders and also the parties in whose favour the sale certificate is issued in respect of one property.
Post on 18.12.2018."
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