IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH Civil Writ Petition No.17590 of 2009 Date of decision: 10th December, 2009 Anil Kumar … Petitioner Versus India Bulls Housing Finance Limited and another … Respondents CORAM: HON’BLE MR. JUSTICE KANWALJIT SINGH AHLUWALIA Present: Mr. Parminder Singh, Advocate for the petitioner. Mr. Amit Sharma, Advocate for respondent No.1. Mr. Sumeet Goel, Advocate for respondent No.3. KANWALJIT SINGH AHLUWALIA, J. (ORAL) Present petition has been filed seeking a writ in the nature of certiorari quashing the sale deed dated 17th September, 2009 (Annexure P-8). Counsel for the petitioner states that petitioner is ready to pay the entire amount of loan and is also ready to compensate the auction purchaser. Mr. Amit Sharma appearing for the respondent states that as on today, Rs.7,59,375/- is outstanding against the petitioner in the account books of the Bank. Petitioner has brought a cheque of Rs.6.00 lakh today in the Court. Counsel for the petitioner further submits that petitioner will pay the remaining amount to the Bank within one week from today. Learned counsel further submits that the value of the property was more than Rs.15.00 lakh and it has been sold at a throw away price of Rs.7,60,000/-. Civil Writ Petition No. 17590 of 2009 Counsel for the auction purchaser submits that respondent auction purchaser has incurred cost of Rs.54,000/- in getting the sale deed registered in his favour. Counsel for the petitioner submits that petitioner is ready to pay Rs.50,000/- to the auction purchaser as compensation, along with Rs.54,000/- expenses incurred by respondent auction purchaser. Whether the auction was a result of collusion/fraud or the property was undervalued, cannot be examined by this Court, because the petitioner has got remedy under Section 17(1) of the Securitization Act. The petitioner may approach the Debts Recovery Tribunal and this Court has no doubt that in case petitioner is ready and willing to deposit the entire amount of loan before the Debts Recovery Tribunal, the Debts Recovery Tribunal shall adjudicate upon the dispute taking into consideration the contentions raised before this Court. With the observations made above, present writ petition is disposed of. Copy of this order be given dasti on payment of usual charges. [KANWALJIT SINGH AHLUWALIA] JUDGE December 10, 2009 rps 2