The court has the discretion to allow the sale of properties to settle dues with the bank, subject to specific conditions and arrangements.

JUDGMENT

Anil R. Dave, J.

1. Ad-interim relief granted earlier has come to an end as the amount payable as per an interim order has not been paid so far.

2. On behalf of the Petitioners it has been submitted that the Petitioners desire to sell Plot No. B2, Sector-8 and Plot No. 64/64A, Ulwe, Navi Mumbai, in favour of somebody, who is prepared to offer Rs. 30 crores or the market value, which might be more than what might be offered by an auction purchaser at the time of an auction. If so, the Petitioner may enter into a tripartite agreement with the Bank and the buyer so that the one who is intending to purchase the property, can make payment to the Bank directly and the amount so paid by the buyer may be adjusted by the Bank towards the dues of the Petitioners.

3. The learned Counsel appearing for the Bank has agreed to the aforesaid arrangement, provided the buyer and the Petitioners approach the Bank before the date when the auction is to be held.

4. Needless to say that if the amount realised by the Bank from disposal/sale of the afore-stated two properties is not sufficient, it would be open to the Bank to take appropriate action in accordance with law for disposal of other properties for realising the dues. While disposing of other properties also, the afore-stated methodology be followed.

5. In view of the above directions, the petition stands disposed of.

6. In view of the disposal of the writ petition, the pending application(s) also stand disposed of.