ARCHIRSHA INVESTMENT PVT LTD Vs. INDUSTRIAL FINANCE CORPORATION OF INDIA LTD
DEBTS RECOVERY APPELLATE TRIBUNAL
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(1.) THIS is an appeal against the order dated 4.6.2003 passed by the learned Presiding Officer of the Debts Recovery Tribunal-1, Delhi (hereinafter referred to as 'the DRT'). The learned Presiding Officer of the DRT, by the said order, allowed the appeal filed by the 4th respondent herein against the order passed by the Recovery Officer in R.C. 116/2001 on 17.4.2003.
(2.) The Recovery Officer had, by his order dated 17.4.2003, dismissed the objections filed by the 4th respondent herein for setting aside the sale in favour of the appellant herein in respect of the property, namely, Plot No. Spl (A&C), RIICO Industrial Area, Bhiwadi. Distt Alwar, Rajasthan, measuring 74764 sq. metres together with all buildings, plant and machinery', fixtures, fittings, and hypothecated goods/assets, etc. (hereinafter refered to as 'the Property in question').
The learned Presiding Officer of the DRT, by the impugned order dated 4.6.2003, while allowing the appeal, set aside the sale in favour of the appellant herein, and directed the Recovery Officer to re-auction the mortgaged property by, observing the rules and procedures prescribed in Rule 53 of Schedule-II to the Income Tax Act. He also directed that fresh proclamation for sate should be issued showing the dues of the Revenue and the State Electricity Board, He further directed that notice in accordance with Rule 53 should be given to the defaulter before settling the terms of the proclamation of sale.
(3.) AGGRIEVED, the auction-purchaser of the property in question has preferred this appeal. The 4th respondent herein, at whole instance, the sale was set aside, has filed a reply by way of affidavit opposing the appeal. On behalf of respondents 1 to 3 (financial institutions) a reply by way of an affidavit has been filed opposing the appeal.;
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