TMI Blog2005 (1) TMI 735X X X X Extracts X X X X X X X X Extracts X X X X ..... s made clear in the terms and conditions of sale that the payment was to be made by way of bank draft. 3. Undisputedly Respondent 1 did not make payment of the balance amount within the specified time. The Tribunal set up under the Debts Recovery Appellate Tribunal accordingly cancelled the sale to Respondent 1 by order dated 16-6-2003. 4. Respondent 1 filed an appeal before the Presiding Officer. While the appeal was pending, the appellant submitted an offer to the Receiver for purchase of assets of the judgment-debtor for a sum of ₹ 64 lakhs. According to the appellant, this offer was placed before the Recovery Officer by 12-9-2003. The appellant then made an application before the Debts Recovery Tribunal offering to purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dent 1 and confirmed the sale in favour of Respondent 1 for ₹ 70 lakhs. The appellant claimed that it had raised its offer by a further sum of ₹ 10 lakhs. The High Court did not accept the appellant's offer. Incidentally, the appellant has also deposited an amount of ₹ 70 lakhs with the Receiver consequent upon the order of the Appellate Tribunal in his favour. On the basis of the High Court's order allowing the sale of the property in favour of Respondent 1 the Recovery Officer has confirmed the sale in his favour on 27-3-2004. 7. The appellant preferred this appeal in March 2004 when this Court granted an interim order directing the status quo to be maintained. The order is still operating. 8. We are of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be advertised in two newspapers, one having circulation throughout the country and one having circulation in the local area. The advertisements may be made in local language for the local newspaper but the advertisements in the national newspaper shall be made only in English. The terms and conditions of sale shall specify that the lowest acceptable offer for the purchase of the property in question is ₹ 1 crore. Both the parties before us will also be entitled to participate and bid for the property. If there are bids over and above ₹ 1 crore, the sale will be made to the highest bidder. If on the other hand the bids do not reach ₹ 1 crore, the appellant shall be obliged to purchase the property at a price of ₹ 1 c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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