O R D E R

The suit in O.S.No.466 of 2011 was filed before the II Additional Subordinate Court, Coimbatore for recovery of earnest money deposited by the plaintiff pursuant to a call to participate in a proposed auction, within the scheme of SARFAESI Act. The very auction is being challenged by the debtor of the Bank as a result the intended auction has not taken place yet. However, with an intent to participate in the said auction, the plaintiff had deposited a sum of Rs.3.50 Lakhs as earnest money. But with the holding of the auction is dragging on without a time limit, the plaintiff chose to withdraw from the auction with an intent to secure at least his earnest money. Hence he laid the suit.

2. The Indian Bank had shown exemplary attitude in defending this action for a mere Rs.3.0 lakhs, which deserves to be showcased prominently. Initially, it remained ex-parte, and this order came to be set aside when the court allowed an application of the Indian Bank on payment of certain cost. This cost it did not pay, following which the application for setting aside the exparte order itself came to be dismissed. It was again restored and was allowed and the matter went to trial. During tri