IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No 18126 of 2008 1 M/s Shri Ram Ashok Kumar, through its Proprietor Bhagirath Agrawal, son of Shri Sri Ram Agrawal, resident of Farbishganj, P S : Farbishganj, Dist : Araria 2 M/s Rakesh & Abhishek, through its Proprietor Rakesh Dhanawat, son of Sri Bhagirath Agrawal, resident of Farbishganj, P S : Farbishganj, Dist : Araria 3 M/s Abhishek Agencies through its Proprietor Abhishek Agrawal, son of Sri Bhagirath Agrawal, resident of Farbishganj, P S : Farbishganj, Dist : Araria 4 Smt Bassanti Devi Agrawal, wife of Sri Bhagirath Agrawal, resident of Farbishganj, P S : Farbishganj, Dist : Araria - Petitioners Versus 1 The State of Bihar through the Secretary Finance Department, Bihar, Patna 2 The Central Bank of India, through its Deputy General Manager, Central Bank of India, Bihar, Patna 3 The Regional Manager -cum- Authorised Manager, Central Bank of India, Purnia Region, Purnia 4 The Branch Manager, Central Bank of India, Farbishganj Branch, Farbishganj - Respondents ----------- 5 11.02.2009 The petitioners are desirous of reducing their liability to the Bank. Bank had proceeded against three properties of the petitioners under Section 13 (4) of the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act). The petitioners came to this Court stating that Bank’s interest would be served if petitioners were allowed to sell the property. Petitioners are the best persons to secure best price for their property to liquidate their debts. Bank had fixed Rs 27 lacs as the reserve price for the property. Petitioners were given liberty to negotiate for sale. Petitioners have brought on record the fact that the Bank has painted the boundary walls of the property with warning which created cloud on the purchaser to deal with the petitioners and scare in the market. They are unable to get purchasers with those warnings or the right price. The petitioners state that as per Bank’s own valuation made a couple of 2 years back, the value of the property was above Rs 50 lacs but Bank fixed the reserve price at Rs 27 lacs. Be that as it may, as the petitioners are ready to sell the three properties and pay the entire consideration to the Bank, I direct as under : (1) The petitioners are permitted to erase all markings made by the Bank on the property. Bank will have no objection to it. (2) Petitioners would be free to advertise to sell the said property as they please. (3) Petitioners would be free to negotiate for sale of the aforesaid properties with any person but any money received from those persons, either by way of advance or otherwise, would be fully paid over to the Bank by the purchaser directly. (4) The property would be negotiated for sale at a price not less than Rs 27 lacs. (5) On the entire consideration money being deposited with the Bank, petitioners would execute the sale deeds in favour of the purchaser and Bank would be the confirming party certifying the sale to be free from encumbrance. This way, the interest of the petitioner and the interest of Bank would be served so far as the sale notification in question is concerned and petitioners’ grievance in that regard will be fully redressed. The writ application, thus, stands disposed of. In view of the fair stand taken by the petitioners, Bank may consider granting such remission as may be available to it in law in case 3 the petitioners make such a representation. It is, however, made clear that petitioners would ensure that sale transactions are completed within a period of four months from today. Let a copy of this order be given to the learned counsel for the Bank. M.E.H./ (Navaniti Prasad Singh)