KEERAMMA Vs. DIVISION MANAGER LIFE INSURANCE CORPORATION OF INDIA

JUDGEMENT

(1.) In connection with the order passed on the application filed by the judgment debtor for setting aside the auction sale, order has been passed by the Execution Court rejecting the same.

(2.) The facts are: Suit was filed by the respondent LIC for recovery of money of Rs.42,634/- with future interest in the year 2005 which was decreed. In the Execution Petition 24/2005 filed by the decree holder, an application - IA 8 under O 21 R 89 r/w S.151, CPC came to be filed by the judgment debtor to set aside the sale in favour of the third party auction purchaser, as the judgment debtor was ready to deposit the decretal amount. The same was opposed by the respondent LIC/decree. The petitioner / judgment debtor had also deposited the amount of Rs.1,17,603/- by way of a demand draft on 15.4.2010. However, the said application IA 8 came to be rejected by the Execution Court. Hence, this petition.

(3.) During execution, on the death of the husband of the petitioner, his property was made available by way of attachment to realize and satisfy the decree holder viz., LIC. In this regard, 2nd respondent being a third party auction purchaser is said to have deposited 25% of the decretal amount as was noted and the remaining balance amount he had to deposit within 15 days from the date of sale. It appears, 25% of the bid amount would be Rs.75,125/- which of course, the auction purchaser had deposited and subsequently, there is non-compliance of the mandatory requirement as per O 21, R 84, 85, CPC. As such, petitioner who is the judgment debtor moved the application to cancel the sale of immovable property i.e., land measuring 4.00 acres, which was the subject matter of realisation of money decree. At this juncture, petitioner's counsel submitted that under O 21, R 84 & 85, there shall be 25% deposit of the decretal amount at the time of auction and the remaining 75% amount to be made within fifteen days from the sale of the property and that the auction purchaser has not complied with the said provision.