JUDGMENT

M.S. Ramachandra Rao, J.

The background facts

The petitioner, who is a partner of M/s Pupneja Rice Mill, had availed cash credit limit and warehouse receipt totalling Rs.18 crore from the respondent Bank ( for short' Bank').

2. The loan account of the said firm became an NPA on 28.08.2016 and on 21.01.2017, notice under Section 13 (2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [for short 'the Act'] was issued by the Bank claiming Rs.21,83,48,812/-.

3. Thereafter on 14.03.2017, the firm submitted objections under Section 13 (3A) of the Act which were rejected on 05.04.2017.

4. The Bank then issued notice under Section 13 (4) of the Act on 18.04.2017.

S.A-249-2017

5. Aggrieved by it, the petitioner approached the Debt Recovery Tribunal-I, Chandigarh by filing SA-249-2017.

6. On 02.10.2018, the mortgaged properties (which included the rice mill as well as the subject residential house located at Green Avenue, Near Thana Sadar, Ferozepur Road, Jalalabad) were put to sale on 05.10.2018 with a reserve price of Rs.1.03 crore by the Bank under the Act during the pendency of the SA.

7. On 23.10.2018, the petitioner filed IA-665-2018 challenging the said sale notice dt.02.10.2018 issued by the Bank proposing to put the properties for sale including the said residential house for 05.11.2018. In the said application, the following pleading was raised by the petitioner:

"That without prejudice to the above, the submission of the applicant is that the applicant has made earnest efforts and with the family members, one of the members of the family, has come forward to help the family of the applicant/ by offering Rs.75 lakhs to purchase the residential property which is at lot No.4 in the sale notice. Consequently, the applicant offered to deposit Rs.75 lakhs, as bid money from one of the relatives of the family, which may be deposited with the Bank in FDR in no lien account, being third party amount and bid/offer money to purchase the property at Rs.75 lakhs."

8. Thus, the petitioner asserted that the family members were willing to buy the residential house for Rs.75 lakhs and was ready to deposit the said amount with the Bank to show genuineness of the offer.

9. In para 7 of the said application, it was further stated that his relative, who is offering Rs.75 lakh, will either match any bid more than Rs.75 lakh which will come to the Bank or else the petitioner would handover the physical possession of the residential house within 15 days.

10. The amount of Rs.75 lakh was thus being offered as bid money from the relatives of the petitioner, who intended to deposit the same with the Bank in the capacity of a prospective purchasers.

11. However, SA-249-2017 was itself dismissed on 06.12.2018.

The Letter Dt.03.01.2019 Given By The Petitioner

12. The petitioner again approached the Bank vide Annexure P6 Letter dt.03.01.2019 offering Rs.75 lakh to be deposited