THE HON'BLE SRI JUSTICE GHULAM MOHAMMED AND THE HON’BLE SRI JUSTICE K.G.SHANKAR W.P.No.5845 of 2011 ORDER: (Per Sri Justice Ghulam Mohammed) The authorized Officer of the second respondent Bank sold the property in question in the auction conducted on 29.12.2010 for a consideration of Rs.21.00 lakhs. Challenging the said auction, the petitioner filed S.A.No.8 of 2011 along with I.A.No.27 of 2001 seeking stay of all further proceedings before the Debts Recovery Tribunal, Hyderabad (for short ‘the Tribunal’). By docket order, dated 19.01.2011, the Tribunal granted stay of all further proceedings pursuant to the auction on condition of the petitioner depositing the entire sale consideration on or before 17.02.2011 and directed the second respondent not to confirm the sale in favour of the auction purchaser till 18.02.2011. The petitioner having paid only Rs.5 lakhs filed I.A.No.152 of 2011 seeking extension of time for payment of balance sale consideration. Holding that the auction purchaser paid the entire sale consideration, the Tribunal declined to extend time and dismissed the said I.A on 18.02.2011. Challenging the said order of dismissal, the petitioner filed the present writ petition. 2. Learned counsel for the petitioner submitted that the petitioner has paid a sum of Rs.5 lakhs and is ready to pay the balance sale consideration and seeks to extend the time granted by the Tribunal. Learned Standing Counsel for the second respondent Bank stated no objection. 3. It is stated that the auction purchaser had already been paid the entire sale consideration. But, in view of the fact that the petitioner paid a sum of Rs.5 lakhs by virtue of the interim order dated 19.01.2011, and is ready to pay the balance sale consideration, if time granted to it and the respondent Bank has also agreed for the same, we are of the considered view that the time granted by the Tribunal is extended for a period of three weeks from today for payment of the balance sale consideration i.e., Rs.16 lakhs, by the petitioner, in default, the second respondent Bank is at liberty to proceed with in accordance with law. 4. With the above direction, the writ petition is disposed of. No costs. _____________________ GHULAM MOHAMMED, J _______________ K.G.SHANKAR, J Date:28.03.2011. Note: Issue CC tomorrow. (Bo) SJ