This Second Appeal is preferred by the appellants/respondent Nos.2 and 3 in I.P.No.56/1975 aggrieved by the Decree and Judgment dated 04.06.2007 in A.S.No.7 of 2004 passed by the VII Additional District and Sessions Judge (Fast Track Court), Vijayawada, whereby and whereunder the learned Judge allowed the appeal filed by the petitioners and set aside the order in I.A.No.5079 of 1991 in I.P.No.56 of 1975 on the file of II Additional Senior Civil Judge, Vijayawada, filed for delivery of schedule property.

2. The factual matrix of the case is thus:

(a) The case of the petitioners in I.A.No.5079 of 1991 before the Insolvency Court is that one Namburi Sridhara Rao was adjudicated as an insolvent in I.P.No.56 of 1975 and his properties were handed over to the Official Receiver, Krishna, Machilipatnam, for administration of estate of the insolvent. The schedule property was sold in public auction on 18.01.1980 subject to two mortgages. In the said auction held by the Official Receiver, A.V. Raja Gopal Raothe 1st petitioner, happened to be the highest bidder and auction was knocked down for Rs.1650/- subject to the above mortgages and he subsequently deposited entire sale considera