ORDER

M.M.SUNDRESH., J

In Periyar Pathai, Puliyur Village, Choolaimedu, Egmore, Nungambakkam (TK), Chennai, a land with an extent of 2400 sq ft., situated at old T.S.No.127 and 129, New T.S.No.129/4 pt was brought up for auction by the respondents on 03.02.2020 with the reserve price of Rs.1,50,00,000/- (Rupees One Crore and Fifty Lakhs only). The petitioner took part in the auction held on 03.02.2020 offering to bid for a sum of Rs.1,70,00,000/- (Rupees One Crore and Seventy Lakhs only). The following is the relevant terms and conditions governing the parties:-

“5.The successful bidder shall deposit the balance seventy five percent (75%) of the bid amount within 15 days of the sale or such extended period as agreed upon in writing by the Authorized Officer/Secured Creditor at his discretion. In case of any default in depositing the amount within the stipulated period, the deposit will be forfeited as per sub Rule (5) of Rule (9) of Security Interest (Enforcement) Rules 2002 and the property shall be resold and the defaulting purchaser will forfeit all his/her claims to the property or to any part of the sum for which it may be subsequently sold.”

1.1 Accordingly, the petitione