Back
I. P. MUKERJI, BISWAROOP CHOWDHURY
Siliguri Jalpaiguri Development Authority – Appellant
Versus
Bengal Unitech Universal Siliguri Projects Ltd. – Respondent
JUDGMENT :
I.P. Mukerji, J.
1. This appeal raises a point of some importance.
2. An arbitral award was made on 27th December, 2021. Bengal Unitech Universal Siliguri Projects Ltd. ( Bengal Unitech) is the award holder. The appellant Siliguri Jalpaiguri Development Authority (SJDA) is the award debtor. Bengal Unitech filed an execution application (EC 91 of 2023) in this court to realize the award. On 12th April, 2023 the executing court appointed a Special Officer to carry out transfer of the subject property belonging to the judgment debtor. It was 92.96 acres of land situated at Mouza-Dabgram within Police Station-Rajganj in District-Jalpaiguri in West Bengal.
3. The proposed transfer by lease was duly advertised in the newspaper, after fixing Rs.322 crores as the reserve price on the basis of the circle rate valuation obtained by the Special Officer. On 15th June, 2023 he published an advertisement for lease of the property for 99 years. 29th June, 2023 was the last date for receiving bids. Till that date, no offer was received by the Special Officer. When the matter was next taken up in court. On 20th July, 2023 SLRL Agencies Pvt. Ltd. (SLRL) appeared and offered Rs.400 crores toge
The court must ensure the best price in property sales during execution while balancing the need for timely resolution of awards.
Point of law : though it is not necessary for the Court to make valuation and enters it in the sale proclamation in every case, it is desirable in cases of sale of valuable property that the Court sh....
Confirmed auction sales cannot be set aside for alleged inadequacy of price or lack of publicity without proof of fraud or substantial injury.
The court upheld the validity of the execution sale, ruling that the appellant failed to prove material irregularities or substantial injury, affirming the finality of the trial court's decree.
The main legal point established in the judgment is the importance of fair valuation, compliance with statutory provisions, and the need to set aside auction-sales with fundamental procedural errors.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
