JUDGMENT :

A.M. Khanwilkar, J.

Delay condoned.

2. Leave granted.

3. These cross appeals have been filed by the debtor (Keshva N. Kotian) and auction-purchaser (P.M. Abubakar). As the debtor committed default in repayment of loan to the Bank (Mahalakshmi Co-operative Bank Limited), recovery proceedings were initiated by the Bank. That culminated with an award passed by the Joint Registrar Co-operative Societies, Mysore dated 02.01.2004 against the debtor for recovery of Rs. 13, 65,899.70 with interest at 19% p.a. As the debtor failed to pay the amount in terms of the award, execution petition was filed. The debtor, however, filed an appeal being Appeal No. 419 of 2004 before the Karnataka Appellate Tribunal, Bangalore. On 21.06.2004, the Tribunal passed a conditional order of stay requiring the debtor to deposit 40% of the awarded amount within eight weeks, failing which the stay would stand vacated. The debtor failed to deposit that amount. Therefore, the bank after obtaining valuation report relating to the mortgage property, issued notice on 2.2.2005 in Form No. 6. In spite of no