THE HON’BLE SRI JUSTICE SANJAY KUMAR AND THE HON’BLE SRI JUSTICE P.KESHAVA RAO WRIT PETITION NO.21587 OF 2017

O R D E R

(Per Sri Justice Sanjay Kumar)

The petitioners, being auction purchasers, assail the action of the UCO Bank (hereinafter, ‘the bank’) in not returning the sum of Rs.1,02,31,000/- paid by them towards the sale consideration along with interest.

Facts necessary for adjudicating this dispute are as under: The petitioners participated in the mega e-auction sale of secured assets held by the bank on 27.05.2016 under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity, ‘the SARFAESI Act’). They emerged the highest bidders for the property mentioned at Item No.7 of the bank’s sale notice dated 23.04.2016. This item of property comprised the residential three-storied building bearing House No.14-1-219, in an extent of 200 square yards, in Survey Nos.31, 32, 34 and 37 of Allapur Village, Kukatpally, Balanagar Mandal, Ranga Reddy District. The reserve price fixed for this item of property was Rs.96,56,000/- while the petitioners bid the highest price of Rs.1,02,31,000/-. They deposited Rs.9,65,0