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A. ABHISHEK REDDY
Kumar Stone Works – Appellant
Versus
Bihar State Financial Corporation – Respondent
ORDER
I.A. No. 1 of 2023
For the reasons mentioned in the Interlocutory Application, the Interlocutory Application is allowed.
2. Heard learned counsel for the parties.
3. The brief facts as culled out from the pleadings are that the petitioner has hypothecated his land measuring 17 decimals bearing khata no. 103, plot no. 468 under thana no. 546 situated at village Bindas, P.S. Wazirganj, District Gaya, to the respondent-Corporation on 11.08.1987 for the purpose of sanctioning a term loan of Rs.5,00,000/- (Rupees Five Lakhs). Pursuant to the said hypothecation an amount of Rs.4.58/- lakhs has been disbursed to the petitioner. It is the case of the petitioner that due to naxal activity in the area where land is situated, the petitioner could not conduct the business. That inspite of making several representations to the Corporation for shifting of the factory they have not passed any orders. That the petitioner came to know about the auction sale of hypothecated asset of the petitioner vide Order, dated 27.09.2022. Thereafter the petitioner rushed to the office of the respondents and made representations, no action was taken on the said representation. Even though the petitioner has st
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The court affirmed that a confirmed auction purchaser's rights are protected under Article 300-A, and arbitrary refusal to accept payment violates these rights.
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