Common Order: (S.J. Mukhopadhaya, J.)

1. There being common question of law involved in both the cases, though they were heard separately, they are disposed of by this common judgment.

2. The borrower is the petitioner in W.P. No.13210/08. While raising question of upset price of valuation of property, the borrower has raised question of jurisdiction of recovery officer to decide a petition to set aside the sale made pursuant to the Recovery of Debts due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as Act, 1993) under Rule 61 of the 2nd Schedule to the Income Tax Act (hereinafter referred to as Rule 61). According to the petitioner, such a petition to set aside the sale under the Act, 1993, is maintainable u/s 30 of the Act and not under Rule 61.

In C.R. P. No.3144/08, Indian Bank has challenged the order of the Debts Recovery Tribunal, Coimbatore, dated 19th Aug., 2008, staying further proceeding and confirmation of sale of schedule properties u/s 30 of the Act, 1993. One of the ground was taken that the requisite amount in terms with Rule 60 of the 2nd Schedule to the Income Tax Act (hereinafter referred to as Rule 60) was not deposited.

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