1 IN THE HIGH COURT OF JUDICATURE AT BOMBAY NAGPUR BENCH, NAGPUR. WRIT PETITION NO.3558 OF 2011. (Central India Mineral, Nagpur and Ors Vs. Oriental Bank of Commerce, Nagpur) __________________________________________________________________________ Office Notes, Office Memoramda of Coram, appearances, Court's orders of directions Court's or Judge's orders. and Registrar's Orders. Shri R.H. Chandurkar, Adv. for the Petitioners. Shri B.J. Agrawal, Adv. for Respondent. CORAM: B.P.DHARMADHIKARI & A.P. BHANGALE, JJ. DATE: SEPTEMBER 20, 2011. We find that petitioner has got an alternative remedy of filing an appeal before Debt Recovery Tribunal, hence, we are not inclined to interfere in the matter. However, in view of contentions raised by the petitioner in respect of reserved price and statement that petitioner cannot avail remedy of appeal as he is unable to pay Court fee we are briefly mentioning the challenge raised. The mortgaged property was to be sold by a secured creditor fixing its value at Rs.4,25,70,000/- in the auction to be conducted. The property was put to auction on 11.04.2011 with the upset price of Rs. 4,25,00,000/-, but no bids were received. It was then put to auction on 05.08.2011 by bringing down the 2 price to Rs.3,25,00,000/-. However, this time also there were no bids. Shri Chandurkar, learned counsel contends that petitioner can deposit the amount which the Bank may fetch in auction, in lump sump and hence they should not transfer the property after auction. It is urged that market value of property is much more. We have called upon the petitioner to deposit amount of Rs.,3,00,000/- to show his bonafides but petitioner has expressed his inability. We find no substance or bonafides in the said assertion. The price to be fetched by the Bank depends upon the bids which will be received in future and contingent on several factors. The petition is accordingly dismissed as remedy of filing of an appeal is available to him. JUDGE JUDGE NSN