Ajay Rastogi, J. - (1.) Matter has come up on application for early hearing. The same stands allowed. But with the consent of parties, it is finally disposed of. Instant petition has been filed by petitioner with the grievance that respondents should hand over the vacant possession of the property having been put to auction upon taking full bid amount, or in the alternative Bank may be directed to refund 25% of the bid amount deposited by the petitioner-Company along with interest.
(2.) Respondent-Bank, issued public notice in daily newspaper i.e. Dainik Bhaskar under the Securitization Act, 2002 for sale by way of public auction inviting prospective buyers. The petitioner Company also participated in the auction process held on 28th February, 2007 after complying with the terms & conditions of auction notice and being a successful qualified bidder of the aforesaid property deposited 25% of the bid within 24 hours of Rs. 75.75 lacs. However, total bid of sale consideration was of Rs. 3.03 crores. But, it appears that third party raised some dispute in regard to auctioned property and because of pending dispute, Bank was unable to deliver the vacant possession of the property in question.
(3.) Counsel submits that since dispute between Bank and third party has not been resolved and the Bank is unable to hand over the vacant possession of the auctioned property, he is atleast entitled for refund of 25% of bid amount which was deposited as alleged on 1st March, 2007.;