1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY, NAGPUR BENCH, NAGPUR W.P.No.4047 of 2007 (Krishna Kumar Agrawal .vs. Shikshak Sahakari Bank Ltd. & Ors.) =-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- Office Notes, Memoranda of Coram, appearances, Court's orders or directions : Court's or Judge's orders and Registrar's orders. -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- CORAM : D.D.Sinha and Mrs. Vasanti A. Naik, JJ. DATE : February 01, 2008. Heard Mr. S.C.Mehadia, Adv. for the Petitioner and Mr.Ghare, Adv. for the Respondent No.1. Counsel for the petitioner has submitted that the respondent- bank has initiated proceedings for auctioning of the properties (i.e. two lands which are part of Khasra No.160 of mouza Pipari and portion of Khasra No.153/2) for non-payment of loan amount. Mr.Mehadia, learned counsel for the petitioner further states that the petitioner also possesses another land/plot situated at mouza Pipari admeasuring 1,28,000 sq.ft. out of total land admeasuring about 2.52 Hectares from Survey No.163, Plot No.15 of mouza Pipri (Kanhan), District Nagpur situated near Nagpur-Kanhan highway. It is contended that if the respondent-bank is asked to auction the said land, in that event, the Bank would be able to recover more amount than the amount outstanding towards loan, which the petitioner is under obligation to refund to the Bank. 2 We asked Mr.Ghare, learned counsel for the Bank to consider this aspect and get instructions in this regard. On instructions from the respondent no.1, Mr. Ghare, learned counsel has submitted that, as per the Valuation Report dt. 21.1.2008 which is placed on record, the said land is located near Nagpur-Kanhan highway the value of the land per sq. ft. is Rs.120/- and if the said land is put to auction, it can fetch about Rs.90,00,000/-. Mr.Mehadia, learned counsel for the petitioner has submitted that, even as per the sq.ft. rate which is stated in the Valuation Report, the land which is located near Nagpur-Kanhan highway would fetch Rs.1,57,00,000/-, whereas the outstanding loan is Rs. 50,00,000/-. So appropriate market value of the land as a bench-mark needs to be fixed by the respondent-bank. Mr.Ghare, learned counsel for the respondent-bank states that the respondent-bank shall not proceed with the process of auctioning the property of the petitioner for a period of three weeks and in the meantime, it will be open for the petitioner to bring the customer who is ready to purchase the land at a price at which the petitioner wants to sell the land/lands owned by him and repay the entire outstanding loan. Mr.Mehadia, learned counsel states that the above referred proposal is acceptable to the petitioner and the petition can be disposed of. It is also mentioned by the petitioner in the Civil Application no.292 of 2008 filed by the petitioner seeking permission to amend 3 the petition that the petitioner is ready and willing to give no objection of all the co-owners by filing affidavit that the part of Khasra No.163 may be put to auction. It is submitted that if for some reason the petitioner fails to get appropriate buyer for the land in question within three weeks, the petitioner shall furnish such affidavit of all co-owners before expiry of third week to the respondent-bank. In the backdrop of the above referred facts, we dispose of the petition. JUDGE JUDGE ssj