HON’BLE SRI JUSTICE L.NARASIMHA REDDY WRIT PETITION No.1175 of 2011 ORDER: The petitioner obtained loan from Indian Overseas Bank of Vidhyuthnagar Branch of Anantapur town, the first respondent herein. Since he committed default, an item of the immovable property offered as security for repayment of the loan was auctioned. It is stated that the property fetched about Rs.15 lakhs and a sum of Rs.3,59,195/- remains with the first respondent after recovering the amount due. The grievance of the petitioner is that the first respondent is not refunding the amount. Heard learned counsel for the petitioner and notice before admission was ordered to the respondents. In view of the nature of the order which the Court intends to pass, it is felt that it is not necessary to wait any further. The petitioner does not dispute his liability towards the first respondent. In case, the sale proceeds of an auctioned property are in excess of the amount due, the first respondent is under an obligation to refund the same to the petitioner unless the petitioner is due under any other accounts. It is brought to the notice of this Court that the petitioner initially filed I.P.No.25 of 2006 before the Court of the Principal Senior Civil Judge, Ranga Reddy District at L.B.Nagar and that the first respondent filed a memo to the effect that a sum of Rs.3,59,195/- is available with them as balance of the sale proceeds. The petitioner states that the I.P. has since been withdrawn by him. In that view of the matter, this writ petition is disposed of, leaving it open to the petitioner to approach the first respondent with a representation. If the first respondent is satisfied that no I.P. is pending in which the petitioner is a party and if there are no other dues to them, the balance of the sale proceeds of the property of the petitioner shall be refunded to the petitioner, within a period of two weeks from the date of receipt of a copy of this order. There shall be no order as to costs. _____________________________ JUSTICE L.NARASIMHA REDDY 14th March 2011 dr