JUDGMENT

Sabyasachi Bhattacharyya, J. - IA No: CAN 1 of 2020 is disposed of in view of the urgency involved and the writ petition is taken up for hearing.

2. The question which arises in the present writ petition is whether the eauction sale, in which the petitioners purchased the property-inquestion, was an open market sale within the purview of Section 16B of the Indian Stamp Act, 1899 (as amended in West Bengal), thus, exempting the instrument of such sale from assessment by the registering officer under the Registration Act, 1908, under Section 47A of the Indian Stamp Act (as amended in West Bengal).

3. Admittedly, the petitioners purchased the property in a public e-auction conducted by the IDBI Bank under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "SARFAESI Act") for a consideration of Rs.14,01,00,000/-.

4. In view of the Bank not being willing to execute a conveyance in the format suggested by the petitioners, petitioner no.1 filed a suit bearing CS No. 64 of 2018 for declaration and mandatory injunction to approve of the draft conveyance forwarded by the petitioners. I