Suman Shyam, J.

1. Heard Mr. S. Dutta, learned Senior Counsel appearing for the petitioners. Also heard Mr. G.N. Sahewalla, learned Senior Counsel appearing on behalf of the respondent No. 1 as well as Mr. P.N. Choudhury, learned Senior Retainer Counsel, CBI. This Revision Petition has been filed challenging the order dated 08.07.2011 passed by the Court of Civil Judge (Senior Division), Sibsagar in Money Execution Case No. 3/2001 disposing of Petition No. 1599/2001 dated 09.07.2001 filed by the petitioners/judgment debtors under Order XXI Rule 58 of the Code of Civil Procedure raising objection to the sale of immovable property under attachment.

2. The brief factual matrix of the case may be noticed as follows. The respondent No. 1 as plaintiff had instituted Money Suit No. 23/1992 in the Court of Civil Judge (Senior Division) No. 1, Sibsagar against M/S Rajashree Publication Pvt. Ltd. i.e. the defendant No. 5 therein, the Editor, Printer and Publisher of the vernacular Daily "Ajir Batori" for damages and compensation on account of publishing a defamatory news item concerning the plaintiff/respondent No. 1 in the aforesaid newspaper. The petitioner Nos. 1 and 2 had also been impleaded as defendant Nos. 3 and 4 in the said Money Suit in their capacity as owners/directors of M/S Rajashree Publication Pvt. Ltd. The aforesaid suit filed by the respondent No. 1 was decreed ex parte on 30.12.2000 whereby the learned Civil Judge (Senior Division), Sibsagar had passed a decree for realization of Rs. 10,00,000/- (Rupees Ten Lacs) jointly and severally from the defendants therein together with interest calculated at the rate of 18% per annum on the decretal amount from the date of institution of the suit till recovery. The decree dated 30.12.2000 was put to execution by filing Money Execution Case No. 3/2001 before the competent Court at Sibsagar whereby the decretal amount was shown as Rs. 25,76,225.00 which included the amount of Rs. 10,00,000.00 being the principal amount besides the interest component as decreed by the Court. The decretal amount was to be recovered by selling the landed property, plants and machineries, spares and other articles of the Parijat Cinema Hall owned by the petitioners. The land in question involved in the execution proceeding was 3 Bigha 3 Kathas covered by Dag No. 172, P.P. No. 11 of Nitaipukhuri, Mouza Rasaigaon, Demow, Sibssagar.

3. On 14.03.2001 the decree holder/respondent No. 1 filed an application under Order XXI Rule 54 CPC praying for an order from the Executing Court prohibiting the judgment debtors/petitioners herein from transferring or charging the said property in any manner. The said prayer made by the decree holder/respondent No. 1 was allowed by the Executing Court. Since warrant of attachment issued by the Executing Court had returned unexecuted, hence, the decree holder/respondent No. 1 filed an application before the Executing Court with a prayer for publication of notice in the local newspaper under Order XXI Rule 54 CPC which was allowed on 02.06.2001. Thereafter, on 20.06.2001 another application was filed by the decree holder/respondent No. 1 under Order XXI Rule 66(3) CPC praying for issuance of a proclamation for sale in respect of the attached property by public auction which prayer was allowed by the Executing Court.

4. At that stage, the judgment debtor/petitioners herein approached the Executing Court by filing a petition bearing No. 1599/2001 dated 09.07.2001 under Order XXI Rule 58 CPC praying for stay of sale of the attached property, inter alia, on the ground that the suit property has already been attached by an order dated 16.09.1996 passed by the District & Sessions Judge, Kamrup, Guwahati in Misc. Case No. 775(K)/96. In the said application the petitioners/judgment debtors had also raised an objection regarding the estimated valuation of the attached property which, according to them, have been fraudulently shown as Rs. 20,42,725.00 although the market value o