9911796707
TMI Blog2015 (1) TMI 1503X X X X Extracts X X X X X X X X Extracts X X X X ..... or the State. ORDER Alok Singh, J. Properties of the borrower were taken into possession by the Bank by exercising power under Subsection (4) of Section 13 of the Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; notices for sale of the properties, in question, were published in various newspapers, copy of which is annexure No. 1 to the writ pet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ctor to demarcate the plot auctioned so that Bank may receive the balance of the consideration from the bidder and may execute the sale deed in favour of the highest bidder, i.e petitioner; no demarcation was carried out by the Revenue Authorities despite several requests made by the petitioner and the Bank; instead of pursuing the demarcation proceedings with the Revenue Authorities, Bank issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Bank to get the property demarcated before the execution of the sale deed and it was the duty of the bidder to satisfy himself about the identity of the property before submitting the bids. In my considered opinion, the condition "as is whereas basis" does not mean that property may not be in existence at all. It only means whatever the condition of the property on the spot is same shall be sol ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ected not to create any third party interest meanwhile. In my considered opinion, keeping in mind the principle of equity, a mandamus can be issued in favour of the petitioner against the Bank to get the property demarcated preferably within eight weeks from today and to execute the sale deed of the auctioned property within next four weeks having received the balance of the consideration alongwi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eady made by the petitioner shall stand forfeited in favour of the Bank. It is further made clear if property, in question, is not demarcated/located on the spot or sale deed thereof is not executed or possession thereof is not handed over to the petitioner within twelve weeks from the date of making payment by the petitioner, Bank shall refund entire amount deposited/paid by the petitioner alongw ..... X X X X Extracts X X X X X X X X Extracts X X X X
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