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TMI Blog2013 (9) TMI 774X X X X Extracts X X X X X X X X Extracts X X X X ..... tosh Rubber and Allied Industries on account of dues to it. It was categorically averred in the schedule of the public notice that there was no encumbrance on the property whatsoever. In response to this public notice, the petitioner participated and sent his quotation on 3.1.2009 alongwith a pay order of Rs. 6,60,0000/- towards 10% of reserve price. The sealed bids were opened on 9.1.2009 when the petitioner was found to be a successful bidder having made a bid of Rs. 70 lacs. The petitioner immediately on the same day deposited an amount of Rs. 10,90,000/- so as to ensure that 25% of the bid amount totalling to Rs. 17,50,000/- as deposit with respondent No. 1. The petitioner received a legal notice dated 14.1.2009 soon thereafter on beh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oner has filed the present writ petition under Articles 226 and 227 of the Constitution of India seeking a direction against respondent No. 1 to refund the amount of Rs. 17,50,000/- being 25% bid amount alongwith interest at the rate of 18% per annum. There is practically no defence to the writ petition. The only justification for non-refund of the 25% amount is stated to be the order of DRT dated 22.1.2009 whereby the interim stay was granted for all further proceedings of the Collector of Central Excise with respect to the sale held on 9.1.2009. This order is alleged to have been continuing as averred in the counter affidavit. However, learned counsel for respondent No. 1 states that on 5.1.2012, a recovery certificate was issued by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assertion in the sale proclamation to the contrary. We are thus, of the view that the petitioner is entitled to interest on the amount of Rs. 17,50,000/- at least from the expiry 15 days of the notice by the petitioner to respondent No. 1 dated 19.1.2009 calling upon respondent No. 1 to either get the property cleared or refund the entire amount. The interest would thus, be payable from 4.4.2009. Taking into consideration the prevailing rate of interest at the relevant time, we grant 12% per annum simple interest on the said amount. We thus, issue a direction to respondent No. 1 to refund a sum of Rs. 17,50,000/- alongwith interest at the rate of 12% per annum simple interest from 4.4.2009 till date of payment within a period of 30 days fr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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