A. Gopal Reddy, J.

C.M.A.No.1448 of 2008 by the auction purchaser and C.M.A.No.200 of 2008 & C.R.P.No.5004 of 2008 by the decree holder, which are directed against the common order dated 06-02-2008 passed by the Principal District and Sessions Judge, Medak at Sangareddy in E.A.Nos.23 & 24 of 2007 in E.P.No.50 of 2002, are taken up for hearing together and disposed of by this common judgment.

2. In the course of our judgment, the parties are referred to as arrayed in the Court below, for the sake of convenience.

3. The facts in nutshell giving rise to filing the present appeals and revision are as under:

M/s. Maharastra Apex Corporation Limited (hereinafter called decree-holder) filed E.P.No.50 of 2002 against Irrigation Engineering Company (India) Limited, Ranigunj, Secunderabad represented by its Joint Manager, Praveen Dawar; Rajkumar Tandon and Smt. I. Shanthamma. All the three were shown as co-obligators for execution of award passed by Sri A.S.N.Habaar, advocate, Arbitrator in A.P.No.201 of 2000 dated 11-08-2001 wherein the arbitrator passed ex-parte award for recovery of sum of Rs.19,14,461/- as claimed by Maharastra Apex Corporation Limited with future interest on Rs.12,98,000/- at 26% per annum from 16-04-2000 till payment and Rs.6,990/- being the costs of the proceedings against them personally, jointly and severally and the 4th defendant-co-obligant shall also pay the same by sale of her A-schedule immovable property, which is mortgaged as security for the loan, i.e. agricultural land measuring Ac.5.07 gts. in Sy.No.327 situated at Kallakal Village, Medchal taluk, Toopran Mandal, Medak District, Andhra Pradesh. In the E.P. filed under Section 31 of the Arbitration and Conciliation Act, 1996 by the decree-holder total extent of land Ac.18.03 gts.; in Sy.No.326/E measuring Ac.5.20 gts.; in Sy.No.327/A measuring Ac.5.07 gts. and in Sy.No.328/A measuring Ac.7.16 gts., was sought to be sold but in the relief column they prayed for attachment of immovable property, as mentioned in schedule of JDR No.4 i.e. Smt. I. Shantamma, and sale of properties for due realization of the amount, in which sale notice was issued in ‘Vaartha’ Telugu daily newspaper dated 24-04-2006 for proclamation of sale on 14-06-2006, on the said date auction was held for the entire land measuring Ac.18.03 gts. for a sum of Rs.1,45,50,000/-; that the auction purchaser has not paid 1/4th of the bid amount on the date of auction nor deposited the balance amount within the stipulated period of 15 days as required under Order XXI Rules 84 and 85 CPC. Consequent to the default by the auction purchaser the executing Court by order dated 03-11-2006 ordered re-sale of an extent of Ac.5.07 gts. covered by mortgage treating the auction held on 14-06-2006 as nullity and fresh publication was given in ‘Eenadu Telugu daily on 07-11-2006 in respect of Ac.5.07 gts. in Sy.No.326/A specifying the date of auction as 27-11-2006 and posted the E.As. on 05-12-2006 for report of Bailiff. Meanwhile, J. Malla Reddy-appellant in C.M.A.No.1448 of 2008 filed E.A.No.78 of 2006 seeking stay of proclamation dated 07-11-2006 contending that he had a preferential right to purchase Ac.5.07 gts. on prorata basis in view of earlier auction and sought permission to pay 1/4th of the bid amount. The executing Court while staying the sale permitted the auction purchaser to deposit 1/4'h of the bid amount in respect of Ac.5.07 gts. of land. On obtaining stay the auction purchaser deposited Rs.11,10,000/- on 24-11-2006 requesting the executing Court to issue sale certificate in respect of Ac.5.07 gts. On 05-12-2006 the executing Court called for the report of the Bailiff within whose jurisdiction the property is situated with regard to details of bid amount of the respective survey numbers, which were auctioned, on 14-06-2006. On receipt of above report, the learned executing Court directed the auction purchaser for filing of statement and deposit of balance amount and posted the matt