CW 3167/07 [1] IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JAIPUR BENCH S.B. Civil Writ Petition No.3167/07 M/s. Udasee Stampings Pvt. Ltd. Versus Central Bank of India & Ors. DATE OF ORDER : 29/05/2009 HON'BLE MR. JUSTICE AJAY RASTOGI Mr. Vikas Jain, for petitioner Mr. Satish Birjaniya, for respondents *** Matter has come up on application for early hearing. The same stands allowed. But with the consent of parties, it is finally disposed of. Instant petition has been filed by petitioner with the grievance that respondents should hand over the vacant possession of the property having been put to auction upon taking full bid amount, or in the alternative Bank may be directed to refund 25% of the bid amount deposited by the petitioner-Company along with interest. Respondent-Bank, issued public notice in daily newspaper i.e. Dainik Bhaskar under the Securitization Act, 2002 for sale by way of public auction inviting prospective buyers. The petitioner Company also participated in the auction process held on 28th February, 2007 after complying with the terms & conditions of auction CW 3167/07 [2] notice and being a successful qualified bidder of the aforesaid property deposited 25% of the bid within 24 hours of Rs.75.75 lacs. However, total bid of sale consideration was of Rs.3.03 crores. But, it appears that third party raised some dispute in regard to auctioned property and because of pending dispute, Bank was unable to deliver the vacant possession of the property in question. Counsel submits that since dispute between Bank and third party has not been resolved and the Bank is unable to hand over the vacant possession of the auctioned property, he is atleast entitled for refund of 25% of bid amount which was deposited as alleged on 1st March, 2007. Counsel for respondents submits that because of pending litigation, respondent-Bank is unable to hand over the vacant possession. Petitioner is not concerned with the dispute pending with the third party and once bid of auction purchaser was accepted and he had deposited 25% of bid amount as per terms & conditions of auction, in the ordinary course the respondent Bank was under an obligation to hand CW 3167/07 [3] over the vacant possession certainly on depositing the total bid amount, but if for good reasons the Bank is unable to deliver possession of auctioned property, atleast the petitioner is entitled for refund of his amount deposited and cannot be put to loss on account of their pending litigation to which he is a stranger. Counsel for petitioner further submits that since a sum of Rs.75.75 lacs was deposited, he is entitled for reasonable interest since he has also took loans from various agencies. Accordingly, writ petition stands disposed of with the direction that respondents shall refund a sum of Rs.75.75 lacs deposited by the petitioner in pursuance of auction notice dt.26th January, 2007 along with interest @6% from the date of its deposit till its actual payment. Respondents is further directed to comply with the order within one month. No costs. [AJAY RASTOGI], J. FRBOHRA3167CW07 29-5.doc