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2015 (1) TMI 1503 - HC - Indian LawsRequirement on the part of bank for demarcation of property before the execution of the sale deed - bids invited on “as is whereas basis” - HELD THAT:- The condition “as is whereas basis” does not mean that property may not be in existence at all. It only means whatever the condition of the property on the spot is same shall be sold in the same condition. However, if property is not at all in existence on the spot or is not identifiable/can be located on the spot, then neither sale deed can be executed of the non existing property nor purchaser can be handed over possession thereof. Not only this, Bank itself has made several requests to the Collector to demarcate the property auctioned, therefore, Bank ought to have persuaded the Collector to undertake the demarcation proceedings at the earliest. Petitioner should not be allowed to suffer adversely for the lapses on the part of the Revenue Authorities or the Bank. Present petition was preferred in the year 2008 and vide order dated 23.10.2008 Bank was directed not to create any third party interest meanwhile. Keeping in mind the principle of equity, a mandamus can be issued in favour of the petitioner against the Bank to get the property demarcated preferably within eight weeks from today and to execute the sale deed of the auctioned property within next four weeks having received the balance of the consideration alongwith interest @ 10% p.a from the petitioner w.e.f 1 May, 2008 till the date of actual payment by the petitioner. Petitioner is directed to deposit balance amount with the Bank alongwith interest @ 10% p.a w.e.f 1 May, 2008 within four weeks from today positively - Petition allowed.
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