- (1.) Heard Sri Manu Khare, learned counsel for the petitioner and the learned Standing Counsel for the State.
(2.) The prayer made in this writ petition is to quash the order dated 05.01.2006 of the Assistant Commissioner (Stamp), Ghaziabad and consequential recovery whereby a deficiency of Rs.19.87 crores has been found in payment of stamp duty in a deed of assignment in favour of the petitioner and further a penalty of Rs.1 lakh has been levied.
(3.) Several issues have been raised in this writ petition including the issue that the pre-condition of deposit of one third of the amount for challenging the matter before the appellate authority is an impediment as the amount sought to be imposed on the petitioner as deficiency is huge. It has further been submitted that this was an assignment for the realization from the secured assets of the defaulters where the purpose is a speedy and expeditious realization of defaulted amount, whereas the imposition of such a condition on the assignment deed restrains the petitioner from proceeding to recover the amount thereby defeating the purpose of the SARFAESI Act, 2002.;