Shampa Sarkar, J. - (1.) The facts leading to the writ petition are that, a sale notice dated February 9, 2013, was published in the Ananda Bazar Patrika and Times of India in exercise of powers under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, (herein after referred to as the said Act) by the Bank of Baroda, the respondent No.1 herein and the petitioner company desired to purchase the property comprising of all that piece and parcel of land measuring an area of 3.75 Cottahs (more or less) along with a single storied incomplete building having a total built up area of 558 sq.ft. standing thereon in Holding No.27 Nazrul Sarani (UB), Mouza - Badra, JL No.- 9, Dag No.295, 285, Khatian No.342/333, Touzi No. - 1163, P.S. - Dumdum, Ward No.1 (hereinafter referred to as the said property). The date of sale was March 12, 2013. The reserve price was Rs.18,32,000/-. The petitioner submitted its bid on March 11, 2013, along with an amount of Rs.5 lakhs as earnest money. The petitioner was declared as the highest bidder having quoted a sum of Rs.21,22,000/. The petitioner was informed by a letter dated March 14, 2013, that the sale would be confirmed subject to the final order/outcome of SA.No.271 of 2013, pending before the Debt Recovery Tribunal-II. The petitioner was advised to deposit 25 % of the sale amount, less the earnest money that is Rs.5,33,500 - 5,00,000 = Rs, 30,000/- immediately, and the balance amount of Rs. 5,99,000/- was required to be paid, as per the said notice within 15 days from the date of receiving the confirmation letter which would be issued, according to the Respondent No.1, subject to the final order of SA No.271 of 2013. Before the above notice was issued by the respondent No.1, the petitioner deposited a demand draft dated March 13, 2013 with the bank for an amount of Rs.30,000/-. Thereafter, the petitioner deposited another demand draft on April 4, 2013 for an amount of Rs.15,92,500/- as full and final payment for the property. Even after deposit of the demand draft, the bank did not confirm the sale by issuing a sale certificate in favour of the petitioner.
(2.) Facts reveal that the property was owned by one Diptesh Chand and Sandhya Chand who were the borrowers. The said borrowers preferred an application under Section 17 of the said Act, and the said application was moved before the Learned Debt Recovery Tribunal-II Kolkata on March 12, 2013. The Learned tribunal was pleased to direct the respondent No.1, not to confirm the sale till the next hearing before the Tribunal. The bid for the said property took place at the Salt lake Branch of the respondent No.1, bank at 1.00 p.m. on March 12, 2013, that is, on the date when the matter was moved before the Tribunal. At the time of publication of the sale notice there was no litigation pending in respect of the said property. Aggrieved by the inaction on the part of the bank in confirming the sale, even after payment of the purchase amount by way of bank drafts, the petitioner wrote a letter to the authorized officer of the bank dated May 15, 2013, requesting the authority to handover physical possession, site plan, Khazna papers, original conveyance deed and sale certificate to its director, Mr. Amit Choudhury. By a letter dated January 17, 2018, the bank requested the petitioner to prepare itself for the sale of the said property, as the borrowers were not willing to pursue the matter before the Tribunal any further. Thereafter, again by a notice dated January 30, 2018, the petitioner requested the said bank to complete the sale proceeding and handover final possession of the said property. The petitioner deposited the requisite documents on February 9, 2018. By a letter dated March 12, 2018, the Chief Manager of the said bank returned all the banker's cheques (demand drafts) which had been deposited by the petitioner and all of which had become invalid by lapse of time, namely, i. No. 030053, Dt:25.06.2013, Amt:Rs.30,000/-, IndusInd Bank ii. No. 030017, Dt:25.06.2013, Amt:Rs.5,00,000/-, IndusInd Bank iii. No.030487, Dt:25.06.2013, Amt:Rs.15,91,000/-, IndusInd Bank iv. No.430293, Dt:21.06.2013, Amt:Rs.500/-, IndusInd Bank
(3.) The bank returned the banker's cheques on the ground that the sale of the property having been stayed by the Tribunal, the bank could not proceed with the same. The petitioner by a demand of justice issued by its learned advocate dated June 15, 2018, demanded payment of a sum of Rs.18,92,464/- being the total interest calculated at the rate of 18% per annum on the principal amount in respect of which the drafts has been deposited and were lying with the bank from March 11, 2013 to March 12, 2018. The bank did not pay any heed to the said demand. The amount of simple interest as calculated by the petitioner was as hereunder:-;