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2022 DIGILAW 1428 (CAL)

Amit Saha v. Reserve Bank Of India

2022-10-19

LAPITA BANERJI

body2022
JUDGMENT 1. The petitioners' grievance is that their one-time settlement offer was not considered by the respondents concerned being the LIC Housing Finance Limited (in short, LICHFL). 2. The petitioners admittedly defaulted in the payment of the one-time settlement (OTS) offer that was given to them in 2021. The offer was valid till November 30, 2021. 3. A possession notice was issued on August 13, 2019. 4. By a notice dated September 9, 2022, the respondent no. 3 intimated to the petitioner that they are offered to pay the OTS was not acceptable to LIC Housing Finance Limited and the LICHFL has already taken physical possession of the property under the SARFAESI Act, 2002. 5. Mr. Dutta, learned Counsel appearing on behalf of the petitioners submit that upon the present writ petition being filed before the Hon'ble Court, a coordinate Bench of this Hon'ble Court considered the prayer of the petitioners and gave an opportunity to them to improve their offer. 6. Mr. Pal Choudhury, learned Counsel appearing on behalf of the respondent nos. 2 & 3/LIC submits that the sale has already been conducted today as per the notice that has already been published. 7. Having considered the rival submissions of the parties and the materials placed on record, this Court finds that since the Court was in seisin of the matter, the respondent nos. 2 & 3 should have stayed in hand before conducting the sale of the mortgaged property. 8. This Court allows the petitioners to bid in the auction sale that has been conducted by the respondent nos. 2 & 3. 9. The earnest money to the tune of Rs.50 lakhs is to be put in by the petitioners by tomorrow i.e., October 20, 2022 in the account number as mentioned in the sale notice. 10. In the event, the said amount of earnest money is put in by the petitioners their bid in the auction sale, will be considered by the respondent nos. 2 & 3. 11. The time to conclude the sale proceedings is extended for a period of seven days from date. 12. In case of default, it is made clear that no further opportunity will be given to the petitioners to stall the 'sale' proceedings. 13. 2 & 3. 11. The time to conclude the sale proceedings is extended for a period of seven days from date. 12. In case of default, it is made clear that no further opportunity will be given to the petitioners to stall the 'sale' proceedings. 13. It is also made clear that in the event, the petitioners are not successful in the sale, the earnest money put in by the petitioners will be refunded to them within one week of declaring the successful bidder. 14. Let the matter appear before the regular Bench for further consideration. 15. All parties are directed to act on a server copy of this order, duly downloaded from the official website of this Hon'ble Court.