Ashok Bhushan and Arun Tandon, JJ. - (1.) HEARD Sri Raj Kumar, learned Counsel for the petitioner and learned Standing Counsel.
(2.) BY this writ petition the petitioner has prayed for a writ of mandamus directing the respondent No. 3 to extend the period for depositing the balance amount of sale price. A further writ, order or direction in the nature of man damns has been sought to make easy installments to deposit the balance amount of sale price. The brief facts of the case necessary for deciding the issues raised in the writ petition are; that the agricultural property of respondent No. 5 was mort gaged with Punjab and Sind Bank in accordance with the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 towards recovery of dues against the respondent No. 5. A sale notice dated 3.10.2008 in pursuance of the 2002 Act was published by authorised officer of the Punjab and Sind Bank fixing the minimum reserve price as Rs. 6,00,000/-. Offers in sealed cover were invited. The sale of the property was to take place in accordance with the Security Interest (Enforcement) Rules, 2002. The sale notice issued dated 7.10.2008 was referable to Rule 8 (5) (b) of the 2002 Rules. The petitioner deposited the earnest money of Rs. 60,000/- and submitted an offer of Rs. 6,50,000/- for the property. The petitioner's case further is that he being the highest bidder, 25% of the bid amount i.e., Rs. 1,62,500/- was deposited by him and letter dated 14.11.2008 was issued to the petitioner for depositing the balance 75% amount according to the conditions of the bid. According to the terms and conditions of the bid (Annexure-1 to the writ petition) bid were to be submitted on or before 10.11.2008 and were to be opened on 11.11.2008 at 11 a.m. Successful bidders were required to deposit 25% of the sale price immediately and balance amount of 75% of the sale price within 15 days of the confirmation of the sale or such ex tended period as permitted upon in writing by the authorised officer. The peti tioner on 27.11.2008 wrote a letter to the zonal manager praying that the time to deposit 75% of the balance amount of sale price be extended up to 5.12.2008. Petitioners case in the writ petition is that despite the aforesaid application, the respondents did not extend the period for depositing the balance amount of sale price. The petitioner claimed to have moved another application on 6.12.2008 with a prayer to extend the period for depositing the balance amount of sale price up to 15.12.2008. The petitioner's case further in the writ petition is that his offer was accepted on 12.11.2008 and he was given letter on 14.11.2008 and the balance amount was to be deposited by 27.11.2008. The peti tioner's claim extension of period as per provisions of Rule 9 (4) of the 2002 Rules. Learned Counsel for the petitioner in support of the writ petition sub mitted that the petitioner is entitled for extension of period which can be granted as per Rule 9 (4) of the 2002 Rules. He submits that Rule 9 (4) gives right to the petitioner to pray for extension of period for depositing the balance amount of sale price but his application has not been considered. He submits that this Court may direct the respondents to consider the prayer of the peti tioner for extension of the period for deposit.
(3.) THE issue which has been raised in the writ petition is as to whether the petitioner is entitled to claim extension of period of deposit of 75% amount of sale price and whether the respondents are under statutory duty to consider the prayer of the petitioner for extension of period and whether in the facts of the present case, the petitioner has made out a case for issuing a writ of man damus to the respondents to consider the prayer of the petitioner for extension of time. The relevant rules on which reliance has been placed by Counsel for the petitioner is Rule 9 (4). Rule 9 (4) of 2002 Rules, which is relevant is quoted herein below. "9 (4). The balance amount of purchase price payable shall be paid by the purchaser to the authorised officer on or before the fifteenth day of confirmation of sale of the immovable property or such extended period as may be agreed upon in writing between the parties.";