- (1.) All the parties including the petitioner, opposite party No. 1 and ICICI Bank authority, who were not parties in the proceeding but allowed to participate, are represented by their learned Advocates respectively.
(2.) Through this application filed under Article 227 of the Constitution of India by the petitioner Soneko Developers Pvt. Ltd., a very important question regarding the conduct of public sale through auction has been raised vis-a-vis the power and authority of the Debt Recovery Appellate Tribunal to exercise its discretion in that regard.
(3.) The petitioner herein participating in the process of an auction sale, being the highest bidder, deposited Rs. 62,00,000/- (Rupees sixty two lakhs) in favour of the offer and in addition to that also accepted the liability of the properties on "as is where is" basis. Unfortunately, the sale could not be confirmed as the petitioner defaulted in depositing the balance amount within the time-schedule for which, ultimately, through the intervention of the Appellate Forum, the sale was confirmed and petitioners deposited the entire amount.;