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1987 DIGILAW 273 (SC)

K. Sadananda Rao v. K. Murari Rao

1987-02-20

A.P.SEN, V.BALAKRISHNA ERADI

body1987
ORDER 1. Having heard learned counsel for the parties, we feel that the offer made by Shri C. S. Vaidyanathan, learned counsel appearing for defendants 1, 11 and 23 and group of partners supporting them stepping up their bid to Rs 90 lakhs should, in the circumstances be accepted. Shri C. Viswanatha Iyer, learned counsel appearing for the plaintiff however contends that instead of accepting the bid so offered, a re-auction should be held as directed by the High Court on March 9, 1987 with a view to get a higher price. We do not think that that would be a proper course to adopt. There must be some finality to these proceedings. Admittedly, the plaintiffs did not participate in the auction held on June 23, 1986 pursuant to this Courts direction and now it is too late to ask for a re-auction. The order of the High Court directing a re-auction is accordingly set aside. The High Court shall proceed to accept the bid of the aforementioned defendants subject to the condition that they shall deposit 25 per cent of the amount of Rs 90 lakhs offered by them within ten days from today before the High Court after adjustment of the amount already deposited. The balance amount after effecting a set-off as per orders of this Court dated February 18, 1986, shall be deposited within one month from today. In the event the defendants aforementioned fail to comply with these terms, the property shall be put to re-auction with an upset price of Rs 90 lakhs. 2. The plaintiffs would be entitled to withdraw the amount of Rs 12 lakhs deposited by them in the bank. 3. Civil Miscellaneous Petition Nos. 4230 and 23711 of 1986 are disposed of. For Citation : 1987 (Supp) SCC 334.