THE HON'BLE MR.JUSTICE HULUVADI G RAMESH AND THE HONOURABLE MR.JUSTICE A.D.JAGADISH CHANDIRA W.P.No.12379 of 2017 and W.M.P.No.13131 of 2017 Hi-Tech Engineering Services, rep. By its Prop. A.Veeranna. ... Petitioner Versus The Authorized Officer, State Bank of India, Stressed Assets Management Branch, No.112, Raja Plaza, Avinashi Road, Coimbatore-641 037. ... Respondent Writ Petition filed under Article 226 of the Constitution of India for the issuance of a Writ of Certiorarified Mandamus calling for the records pertaining to letter No.SAMB/CBE/CLO-III/207 dated 05.05.2017 and quash the same as illegal and arbitrary and consequently direct the respondent bank to receive the amount of 25% of the bid amount paid by the petitioner towards the auction conducted on 02.05.2017.
For Petitioner .. Mr.S.Jayasankar For Respondent .. Mr.S.Sethuraman O R D E R (Order of the Court was made by Huluvadi G Ramesh, J) Writ petition has been filed by the auction purchaser challenging the letter dated 05.05.2017 issued by the respondent bank calling upon the petitioner to show cause as to why the sale cannot be cancelled and the amount already paid be forfeited.
Heard Mr.S.Jayasankar, learned counsel appearing for the petitioner and Mr.S.Sethuraman, learned counsel appearing for the respondent.
2. The petitioner is the highest bidder in the e-auction sale held on 02.05.2017 for the machineries of Padmabalaji Steels in the factory situated at Karegoundampalayam Village, Annur. As per the terms and conditions of the e- Auction sale, the petitioner has to pay the 25% of the sale amount i.e. Rs.28,05,000/- within the same working day from the date of e-auction sale and the remaining balance of 75% of the sale amount i.e. Rs.1,38,75,000/- within fifteen days from the date of e-auction sale. It is more than one month the auction purchaser/petitioner is in default for non-payment of the e-auction sale amount.
3. The learned counsel appearing for the petitioner sought for extension of time till 17.07.2017 to make payment of the remaining balance of 75% of the sale amount i.e. Rs.1,38,75,000/-. Finally, time is extended to make payment of remaining balance of 75% of the sale amount on or before 17.07.2017, failing which, the respondent bank shall forfeit the 25% of the sale amount already deposited by the petitioner.
4. The writ petition is disposed of accordingly. No costs. Consequently, W.M.P.No.13131 of 2017 is closed.
Index:Yes/No gr.
(H.G.R.,J) (A.D.J.C.,J) 23.06.2017 To The Authorized Officer, State Bank of India, Stressed Assets Management Branch, No.112, Raja Plaza, Avinashi Road, Coimbatore-641 037.
HULUVADI G RAMESH, J AND A.D.JAGADISH CHANDIRA, J gr.
W.P.No.12379 of 2017 28.6.2017