IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.15698 of 2009 1. RAMASHANKAR SHARMA S/O GURUCHARAN SHARMA R/O VILL.- BINDSAR HAMID, P.S. SIWAN MUFFASIL, DISTT.- SIWAN Versus 1. THE STATE OF BIHAR, THROUGH THE CHIEF SECRETARY GOVT. OF BIHAR, PATNA 2. THE MANAGING DIRECTOR, ASHOK KUMAR SINHA, STATE OF BIHAR, FINANCE CORPORATION, PATNA 3. INCHARGE OF ASSTT. GENERAL MANAGER, ZONE- 1, PATNA 4. CHANDA MISHRA W/O SHESHNATH MISHRA AT- RAMDEO NAGAR, SIWAN, DISTT.- SIWAN ----------- 5 01/02/2010 The petitioner came to file the present writ application seeking quashing of the order dated 9.1.2009 (Annexure-1) when his unit came to be auction sold by the respondent Bihar State Financial Corporation. The details and the background under which such an action came to be taken against the petitioner is recorded in detail by the Managing Director of the Corporation and, therefore, there is no necessity for this Court to record all those aspects in the present order due to the subsequent development which have taken place in the matter. The Court is also not willing to go into the correctness or otherwise of the action taken by the respondent Corporation in auction sale of the unit in favour of private respondent no. 4 in view of the - 2 - fact that when the matter was heard earlier, a categorical statement was made by the learned counsel for the petitioner on 25.01.2010 that he is willing to deposit a sum of rupees six lacs, the price on which the unit was auction sold as well as interest at the rate of 16% from the date of the auction sold till 25.01.2010 when such an offer was made. The petitioner wanted to redeem his property because according to him it is worth many times over, over and above the price on which the property had been auction sold. Today two Bank drafts bearing numbers 780853 and 780854 dated 30.01.2010, one of rupees six lacs and another of Rs.1,11,428/-, drawn in favour of the Bihar State Financial Corporation payable at State Bank of India, Main Branch, Patna have been produced before this Court. The stand of the private respondent is that a kind of right has already accrued in her favour once the auction sale was effected and the purchase was made for valid consideration. If now the property is released back in favour of the promoter, she is bound to loose not only money but even the benefit of the said property because - 3 - valuation of the property must have or has gone up in the meanwhile. There may be some substance in the submission made at the Bar on behalf of the auction purchaser with regard to the valuation of the property having gone up in the meanwhile because if the property did not have the necessary value many a time on the amount on which the property had been auction sold, the petitioner could not have volunteered to pay up the amount and even to pay up the interest from the date it was auction sold till the date when the Court recorded its order on 25.01.2010. The Court is satisfied with the intent and bonafide of the petitioner in now trying to retain his property by clearing atleast some part of his liability by tendering the two bank drafts. Let the two Bank drafts be handed over to the learned counsel representing Bihar State Financial Corporation who shall make an endorsement in the ordersheet as a receipt thereof. Learned counsel for the Bihar State Financial Corporation shall thereafter advise - 4 - his client to refund the money to the private respondent no. 4 within two weeks from today along with interest at the rate of 16% from the date of the deposit till 25.1.2010 without any condition or objection being raised by the Corporation in this regard. This refund of money will be in full and final settlement so far as the money deposited by the private respondent for this property is concerned. This writ application stands allowed and annexure-1 stands quashed. AMIN (Ajay Kumar Tripathi, J.)