T. S. SIVAGNANAM, HIRANMAY BHATTACHARYYA
South Indian Bank Limited – Appellant
Versus
Jac Olivol Products Private Limited – Respondent
JUDGMENT :
T.S. Sivagnanam, J.
1. The second and third respondents in WPA 2445 of 2023 are the appellants. The first respondent herein was the writ petitioner. The facts leading to the filing of the writ petition are noted hereunder:-
2. The appellant bank exercised their power under the provision of the SARFAESI Act, 2002 and issued a tender cum auction notice 13.06.2022 for enforcement of the secured asset which is an immovable property at their reserved price of Rs. 8,27,38,000/-. The tender cum auction sale notice was published in terms of the provisions of the Act. The respondent writ petitioner participated in the auction and submitted a letter dated 17.06.2022 agreeing to abide by the terms and conditions of the tender cum auction notice. The auction was held on 29.06.2022 and the writ petitioner was declared as a successful bidder and upon deposit of the bid amount, sale certificate dated 30.06.2022 was issued The respondent writ petitioner issued a legal notice to the appellant bank dated 15.11.2022 calling upon them to reimburse a sum of Rs. 20,94,065/-which they have paid to clear the dues payable to the Kolkata Municipal Corporation, the third respondent in this appeal.
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