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2016 (3) TMI 121 - HC - Indian LawsAuction sale - whether the auction was conducted in a fair and transparent manner? - introduction of a different buyer - Held that:- Considering that the petitioner had defaulted in making good the offer of deposit ₹ 21 lacs within one week and he had moved the second application after more a year of the auction, the Recovery Officer rightly found that the intention of the petitioner was not bona fide and he merely intended to delay the proceedings. Tribunal has rightly held that the attempt by the petitioner to introduce a different buyer (Sh. Shivam Aggarwal), with the offer of ₹ 18 lacs after one year of the auction, and that too after his failure to make good the initial offer of ₹ 21 lacs within the stipulated period had been unfairly entertained. Resultantly, the petitioner even successfully misled the Appellate Tribunal also to urge that he had a better buyer which led to inter se bidding. Thereafter, he introduced the father of Sh. Shivam Aggarwal and still later Mr. Anand Goyal as the intending buyer. Thus, introducing a new purchaser every time. Despite many legal hurdles in the maintainability of his appeals the petitioner has been given more than a fair latitude to furnish a better buyer. Clearly this process of inter se bidding cannot be carried on ad infinitum. The auction was held on 05.02.2007. No legal or procedural infirmity having been found in the auction proceedings, it is high time that the proceedings attain finality. As against the original auction price of ₹ 12.10 lacs, the auction purchaser has now been held bound to deposit a sum of ₹ 25 lacs.
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