:1: :1: :1: srp. HIGH COURT OF JUDICATURE AT BOMBAY HIGH COURT OF JUDICATURE AT BOMBAY HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION CIVIL APPELLATE JURISDICTION CIVIL APPELLATE JURISDICTION WRIT PETITION NO. 622 OF 2009. WRIT PETITION NO. 622 OF 2009. WRIT PETITION NO. 622 OF 2009. M/s. Vismun Gears Pvt. Ltd. ..Petitioner. Versus. The Chief Manager, Assets & Recovery Division, [Pune Division], Bank of India & Anr. ..Respondents. --- Mr. G. S. Godbole i/b Mr. Nitin Muley for the petitioner. Mr. A. B. Shinde for the respondents. CORAM: S. B. MHASE & CORAM: S. B. MHASE & CORAM: S. B. MHASE & D.B.BHOSALE, JJ. D.B.BHOSALE, JJ. D.B.BHOSALE, JJ. DATE: January 14, 2009. DATE: January 14, 2009. DATE: January 14, 2009. P.C. P.C. P.C. 1. Heard both sides. The property of the petitioner is being put to auction after having taken into possession by the Creditors under the provisions of the Securatisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The date fixed for action is tomorrow, i.e., 15th January 2009. In this background, the petitioner - debtor has approached to this Court by filing this writ petition. :2: :2: :2: 2. Mr. Godbole, learned counsel appearing on behalf of the petitioner states that the petitioner is ready to deposit with the respondent-Bank Rs.50 lacs within a period of two weeks from today and prays that the auction may be stayed. He further submits that on deposit of Rs.50 lacs, keeping the symbolic possession of the factory and the land with the respondent-bank, the petitioner may be allowed to manufacture, so that he can pay the rest of the amount. Learned counsel for the respondent - bank seriously objected to this. He submitted that in any event and circumstances, the factory will not be handed over to the petitioner for manufacturing process. However, he submits that the petitioner may negotiate with the bank in this respect. 3. Learned counsel for the petitioner further submitted that the M/s. S. N. Oil Field Products Pvt. Ltd has deposited an amount of Rs.50 lacs on behalf of the petitioner. At this stage we make it clear that if the petitioner deposits the amount from the said Company, only because they have deposited the amount, no right is created in their favour. 4. Under these circumstances we pass the following order. : O R D E R : (1) The petitioner shall deposit an amount :3: :3: :3: of Rs. 50 lacs (Rs. Fifty lacs only) with the respondent - bank within a period of two weeks from today. (2) The auction which is scheduled to be held on 15th January 2009 shall be conducted by the respondent-bank, however the bank shall not confirm and accept any final bid in the said auction. Bank shall only record the offers given by the bidders. (3) If within a period of two weeks from today, the petitioner does not deposit the amount of Rs.50 lacs, the respondent - bank will be at liberty to accept the bid and confirm the sale. (4) The bank shall make known to the bidders of this order. (5) Matter to appear on board on 28/1/2009. (D.B.BHOSALE, J.) (S.B.MHASE, J.) (D.B.BHOSALE, J.) (S.B.MHASE, J.) (D.B.BHOSALE, J.) (S.B.MHASE, J.)