- (1.) Leave granted.
(2.) Respondent 2 obtained a decree against Respondent 3. For execution of the decree, the property belonging to Respondent 3 was put up for sale. After a series of advertisements pursuant to the last sale notice, Respondent 1 was found to be the highest bidder for the property having bid an amount of Rs. 62 lakhs. Respondent 1 deposited 25% of the offered amount. In terms of the conditions of sale, the balance amount was to be deposited on 15.04.2003. It was made clear in the terms and conditions of sale that the payment was to be made by way of bank draft.
(3.) Undisputedly Respondent 1 did not make payment of the balance amount within the specified time. The Tribunal set up under the Debts Recovery Appellate Tribunal accordingly cancelled the sale to Respondent 1 by order dated 16.06.2003.;