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ICICI BANK LTD (EARLIER BANK OF MADURE) Versus M/s ABURUBAM AND COMPANY AND ORS ETC ETC

Sale of the mortgaged properties set aside - orders of Debts Recovery Tribunal - HC refusing to set aside the sale of the mortgaged properties - Held that:- The offset price was fixed on the basis of a report of the Valuation Officer and in the fixation of the said price the respondents were associated being party to the proceedings before the DRT. That apart the said grievance of the respondents-borrowers must be considered in the light of the fact that the respondents-borrowers had persistentl .....

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ch reference has been made by the High Court, in our considered view, does not impose such a restriction inasmuch as it is the Recovery Officer on whom such an embargo has been placed. In this regard the provisions of Rule 59 of the Second Schedule of Income Tax Rules, which permit the Assessing Officer to take part in the auction would be of a particular significance. In the light of the above, the conclusion of the High Court that the auction sale in favour of the Bank is vitiated on account o .....

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c, Adv., Ms. Aakanksha Nehra, Adv., Mr. Tanuj Aggarwal,Adv., For M/s. Parekh and Co. For The Respondent : Mr. Ram Lal Roy, Adv., Ms. Anjani Aiyagari, Adv., Ms. M.V. Rama, Adv., Mr. K. Ram Kumar, Adv., For M/s. K. Ramkumar and Associates ORDER 1. Leave granted. 2. The challenge in these appeals is against the order of the High Court dated 11.08.2014 by which the orders of Debts Recovery Tribunal (for short, 'the DRT') and Debts Recovery Appellate Tribunal (for short, 'the DRAT') r .....

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ial accommodation provided to the respondents-borrowers. 5. Sometime in the year 2003, the respondents-borrowers came up with a proposal for private sale of the mortgaged properties and accordingly sought and obtained permission of the learned Tribunal. Tenders were invited. However, the aforesaid proposal did not materialize. Hence the DRT directed the Recovery Officer to conduct a public auction after fixing the offset price in both the cases. Thereafter, public notice dated 11.02.2004 was iss .....

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khs and ten thousand only) respectively. The Bank's offer was accepted and a total amount of ₹ 76,20,000/- (Rupees seventy six lakhs twenty thousand only) was deposited with the Recovery Officer by the Bank. Even at this stage the Bank gave an option to the respondents-borrowers to deposit the amount of ₹ 76,20,000/- (Rupees seventy six lakhs twenty thousand only) with interest from 03.03.2004. The said offer, however, was not acted upon by the respondents-borrowers. 6. Against t .....

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price of the property. They also declined to accept the offer made by the bank's counsel. Even while this appeal was being argued, the same offer was repeated by the bank's counsel, but there was no response from the appellant's side. It is therefore, evident that the appellants just want to put hindrance in the sale proceedings, thus depriving the applicant bank to recover its dues. It is pertinent to note that the OAs are still pending and the offer to sell the properties came at .....

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and DRAT and remanding the matter to the DRT with the direction to re-decide the matter after giving full opportunity to the respondents-borrowers in the matter of fixation of the offset price and also after complying with the provisions of the Rule 17 of the Second Schedule of Income Tax Rules. Aggrieved, the Bank has filed the present appeals. 8. We have heard the learned counsels for the parties. 9. Two grounds had prevailed with the High Court to reverse the orders of the forums below. The f .....

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