H.P.FINANCIAL CORPORATION Vs. NATIONAL DISC.INDUSTRIES

JUDGEMENT

(1.) This order is meant to dispose of F. A. O. No. 109 of 1982 and Civil Revision No. 165 of 1982, as common questions of law and facts are involved therein.

(2.) The outset some of the facts which are not disputed may be noticed. Himachal Pradesh Financial Corporation (hereinafter referred to as the decree -holder -Corporation) got the property belonging to National Disc. Industries, Barotiwala (judgment -debtor) attached under the provisions of section 31 of the State Financial Corporation Act, 1951. Warrants of sale were issued three times in the year 1978 but could not be executed for one reason or the other. The sale was fixed once again for June 23, 1981. The learned District Judge had permitted the decree -holder -Corporation to bid for the property within the ambit of Order 21, Rule 72, C. P. C. Mr. K. K. Joshi, Senior Manager of the decree -holder -Corporation attended the auction. He has appended the following note on the bid -sheet : "The assessment was for a much higher bid but while bidding, suddenly the bidders started assembling on one corner for a talk. Thus after they made a pool, the H. P. F. C. started bidding but had to stop on objections raised by these bidders on various grounds. As a result of this pooling, the assets have been sold at a low price and as such the auction so held was not satisfactory." On the same bid -sheet, the judgment -debtor, it appears, was also permitted to put down his version which is to the effect that the bidders had pooled together and that they objected to the representative of the decree -holder -Corporation to participate in the bid and further that as soon as the said representative stopped giving the bid the auction was closed by accepting the highest bid which was Rs. 100 more than the bid amount given by decree -holder -Corporation. Towards the end of the bid -sheet, the Court Nazir has also appended a note and, according to him, the bid was low due to the reason that the condition with respect to the deposit of 25% of the bid amount at the spot had not been entered in the sale proclamation.

(3.) The decree -holder -Corporation filed objection petitions dated July 30, 1981 and July 19, 1982 praying that the sale be set aside and that the property be ordered to be re -sold. Mr. Om Garup Agarwal who had given the highest bid of Rs. 2,53,100/ - (hereinafter referred to as the auction - purchaser) resisted the above motioned objection petitions. In pursuance of the orders dated August 5, 1982 passed by this Court in Civil Revision No. 165 of 1932 the learned District Judge dismissed the objection petitions adverted to above but did not pass the final order confirming the sale as he had been asked not to do so by the High Court. F. A. O. No. 109 of 1982 is directed against the aforesaid order dated August 5, 1982.