Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2016 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (6) TMI 901 - HC - Indian LawsAuction purchaser wants to cancel the bid and claim refund of money deposited - Sale of the property by the SIDBI after taking possession of the mortgaged assets - Mortgage of the lease-hold property was subject to the condition that the plot demise in perpetuity cannot be sold without the prior permission of the lessor - The petitioner wanted to wriggle out of the sale and filed an application in SA No.311/2011. It prayed that ₹ 2 crores deposited by it with SIDBI be returned because the State of Himachal Pradesh raised a demand towards unearned increase and other outstanding dues payable by the lessee. Held that:- In the instant case, as noted above, there was a clear indication to the prospective bidders that encumbrances if any in the form of government dues have to be paid and thus the bidders knew very well that if there were encumbrances on the property the same had to be borne by them. The fact that the bidders knew that there are encumbrances has been captured very well by the learned DRT with reference to the post tender submission and bid opening date, when the bidders were requested to increase the bid offer and they informed that they cannot do so because infrastructure in the industrial area was not conducive and additionally the highest bidder would have to pay to the government authorities, before the title would be transferred in their name, and they estimated the final costs to the highest bidder to be within the range of ₹ 2.25 to ₹ 2.5 crores.
|