-1- IN THE HIGH COURT OF JUDICATURE AT BOMBAY APPELLATE CIVIL JURISDICTION LETTERS PATENT APPEAL NO. 131 OF 2008 IN WRIT PETITION NO. 3698 OF 2008 ALONG WITH CIVIL APPLICATION NO. 137 OF 2008 M/s. MRB Roadconst Pvt. Ltd. ).. Appellant Versus Rupee Co-operative Bank Ltd. ).. Respondent Mr. A.M. Kulkarni for the Appellant. CORAM: SWATANTER KUMAR, C.J. & V.M . KANADE, J. DATE: 25TH JUNE 2008. P.C. During the course of hearing of this Appeal, the learned Counsel appearing for the Appellant wishes to withdraw the Letters Patent Appeal with liberty to approach the Debt Recovery Tribunal with an offer of a prospective purchaser and seek appropriate directions from the Debt Recovery Tribunal. Normally, we would not have granted this permission, but keeping in view the fact that, according to the Appellant, the market value of the property which is being sold under -2- the orders of the Debt Recovery Tribunal is worth more than Rs.4 crores, but a bid has been accepted of a smaller bid for Rs.1.51 crores, we are inclined to grant permission. If that be so, we do expect that the Debt Recovery Tribunal shall look into this aspect of the matter and ensure that the property is not sold for a price which is much lower than the market price. In the circumstances afore-stated, this Appeal is disposed of as withdrawn with liberty as prayed. 2. We make it clear that if the Appellant within four weeks from today submits an offer before the Debt Recovery Tribunal of a amount much higher than Rs.1.51 crores along with deposit of earnest money at least of Rs.10 lakhs, then we would expect the Debt Recovery Tribunal to consider such an offer after ensuring the interest of the purchaser. We further make it clear that we in no way are making any comment on the rights of the auction purchaser. It will be for the Debt Recovery Tribunal to hear all of them and pass appropriate orders in accordance with law. 3. For a period of four weeks from today, the Bank will retain the possession of the property with itself and not give it to the auction purchaser. This order will automatically end on expiry of four weeks if -3- the Appellant fails to make an offer and deposit the earnest amount as mentioned above.. 4. Appeal disposed of accordingly. 5. In view of the disposal of the Letter Patent Appeal, nothing survives in Civil Application No. 137 of 2008, and the same is disposed of accordingly. CHIEF JUSTICE V.M. KANADE, J.