ORDER :

Ruma Pal, J.

Leave granted.

2. Respondent 2 obtained a decree against Respondent 3. For execution of the decree, the property belonging to Respondent 3 was put up for sale. After a series of advertisements pursuant to the last sale notice, Respondent 1 was found to be the highest bidder for the property having bid an amount of Rs 62 lakhs. Respondent 1 deposited 25% of the offered amount. In terms of the conditions of sale, the balance amount was to be deposited on 15-4-2003. It was made clear in the terms and conditions of sale that the payment was to be made by way of bank draft.

3. Undisputedly Respondent 1 did not make payment of the balance amount within the specified time. The Tribunal set up under the Debts Recovery Appellate Tribunal accordingly cancelled the sale to Respondent 1 by order dated 16-6-2003.

4. Respondent 1 filed an appeal before the Presiding Officer. While the appeal was pending, the appellant submitted an offer to the Receiver for purchase of assets of the judgment-debtor for a sum of Rs 64 lakhs. According to the appellant, this offer was placed before the Recovery Officer by 12-9-2003. The appellant then made an application before the Debts Recovery Tr