ORDER :

The present case is taken up through video conferencing.

2. The present writ petition has been filed for issuance of direction upon the respondents specially the Chief Manager-cum-Authorized Officer, Corporation Bank, East Singhbhum, Jamshedpur (respondent no.3) to refund the consideration amount of Rs.56,85,000/- paid by the petitioner for purchase of the property measuring 3 kathas 8 dhur being the part of present survey plot no.1767 under Khata No.218 situated in Mouza – Dimna, Ward No.9, Jamshedpur (hereinafter to be referred as “the said property”) with compound interest @ 18% with effect from the date of deposit till the actual date of payment. Further prayer has been made for issuance of direction upon the respondents to pay compensation for withholding the huge amount for more than three years without any fault on the part of the petitioner as during the said period, the petitioner has suffered mental agony as well as huge financial loss.

3. The brief facts of the case as stated in the writ petition is that the respondent no.3 invited online e-auction of the aforesaid property under the Securitization and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 [in short to be referred as “the SARFAESI Act”] on 10.05.2016. The petitioner participated in the bidding process and deposited the bid increment amount along with earnest money deposit within the prescribed time and on completion of the bidding process, it was declared successful bidder. The petitioner was further directed to deposit the entire bid amount. Accordingly, the petitioner deposited the entire bid amount of Rs.56,85,000/- by way of three cheques within the stipulated time and thereafter requested the Branch Manager, Corporation Bank, Sakchi Branch, Jamshedpur by way of representation dated 25.10.2016 to hand over the said property. The petitioner again represented on 18.11.2016 and 05.12.2016 requesting inter alia for handing over the possession of the said property to it as per assurance that the possession of the said property would be given to it within 2-3 days from the date of deposit of final value of the property. The petitioner kept on requesting the respondents for handing over the possession of the said auctioned property between the period from 31.01.2017 to 15.11.2018, however the said request was not responded. The respondent no.3 vide letter dated 20.06.2019 informed the petitioner that an application for handing over the physical possession of the auctioned property to the petitioner was filed before the District Magistrate, East Singhbhum, Jamshedpur, however the same was denied by the said authority on 15.02.2019 on the ground that as per the government record, the said property is recorded in the name of Talmin Majhiyan a member of Scheduled Tribe and thus it comes under the purview of the Chota Nagpur Tenancy Act, 1908 (in short “the Act, 1908”) and due to the said reason, the possession cannot be given as per the State Government’s rule/direction. It was further informed by the respondent no. 3 through letter dated 20.06.2019 that request was made to the higher officers of the respondent-Bank to refund the said amount to the petitioner. Since then, the petitioner has been requesting the respondent-Bank for refund of the said amount, however they have sitting tight over the matter, which has compelled the petitioner to file the present writ petition.

4. Learned counsel for the petitioner submits that the respondent-Bank has misled the petitioner to participate in the auction process in which despite being successful bidder and even after depositing the entire bid amount of Rs.56,85,000/-, it has not been handed over the possession of the said property. Admittedly, the respondent-Bank is not in a position to hand over the possession of the land in question to the petitioner, however instead of refunding the said amount to the petitioner, the Bank authorities are making lame excuses. Withholding of the amou