BINOD KUMAR Vs. RECOVERY OFFICER DRT

JUDGEMENT

(1.) THIS is an appeal for setting aside the order dated 9.3.2004 of the learned Recovery Officer passed in R.P. Case No. 16/2002 whereby the auction held on 13.2.2004 was cancelled.

(2.) The relevant facts of the case precisely are that in O.A. Case No. 82/98, certificate of recovery for Rs. 31,35,137/- with interest and cost was issued on 27.7.1999. Consequently, in R.P. No. 16/2002 steps were initiated for execution of the aforesaid certificate. The reserve price of the immovable property in question was fixed at Rs. 8,75,000/- as per valuation report furnished by the certificate holder bank. Several attempts were made for auction sale of the property in question but the sale could not be materialised. Lastly the property was again ordered to be sold by public auction on 13.2.2004 at 11.30 A.M. The impugned order dated 13.2.2004 reveals that bidders assembled on the said date of auction sale to whom, the terms and conditions were explained. Only two bidders had quoted their offer as follows :

(3.) THE provision as to payment of 25% amount of purchase money immediately and remaining amount within 15 days from the date of sale was mandatory as per the aforesaid Rule and terms and conditions of the sale.