- (1.) HEARD counsel for the parties.
(2.) THE petitioner has approached this Court seeking quashing of the auction notice published in the daily newspaper dated 25th April 2013 by the respondent Bank, whereby the property being shop no. 4, first floor at Mitra Market Building, Dinbandhu Lane, Upper Bazar, in the district of Ranchi, is sought to be auctioned in an auction sale scheduled to be held on 29th May 2013 i.e. today. The grounds for assailing the auction notice, raised on behalf of the petitioner, are that the petitioner has a right of preemption in respect of the said property to purchase the same in preference to other persons based upon a contract with the vendee of the said property which originally belonged to him. According to the petitioner, he is the owner of the shop in Mitra Market and has also been maintaining the market as a whole and has shops adjacent to the shop for sale. As per the auction notice, reserve price has been fixed at Rs. 11.00 lakhs which he is inclined to pay.
(3.) COUNSEL for the respondent Bank, on the other hand, submits that the interest of the petitioner has been taken care of which would be evident from the letter dated 23rd April 2013 (Annexure-3). As per the said communication, it was made clear that the Bank has recognized his right of preemption in respect of shop no. 4, 1st Floor, Mitra Market, Holding No. 1188/C, III under Ward No. II (new 5) of Ranchi at Dinbandhu Lane, Upper Bazar, Ranchi. However, the property in question is being sold in a proceeding under the SARFAESI Act and the Bank is entitled to ensure that the property fetches highest bid from interested person. However, in the said letter dated 23rd April 2013 it has been categorically indicated that the petitioner will be afforded an opportunity at the auction to match the highest bid which would be above the reserve price fixed by the Authorized Officer and which reflects true value of the property. In case, he matches the highest bid, he can buy the property. Counsel for the respondent Bank also submits that auction sale notice (Annexure-1) also indicates that the sale of the said shop is subject to the right of preemption of the previous owner of the property. The auction sale is scheduled for today at around 12.00 noon.;