Srei Equipment Finance Pvt. Ltd. Vs. Ramesh Kumar and anr. - Court Judgment

Excerpt:
[mohan shantanagoudar, j.] these writ petitions are filed under article 226 and 227 of the constitution of india praying to quash the notice dt.31.7 2010 vide ann-c, & also sale notice dt.6.10 2010, vide ann-d, both issued by the r2 & to direct the respondents to consider the request of petitioners to extend the benefit of the scheme or to determine the amount payable & to grant reasonable installments to pay the remaining loan amountthe court : the decree-holder says that the person who made the highest offer earlier has backed out though the earnest deposit of rs.10,000/- still remains with the receiver. the second-highest bid for the sale of the excavator of 2007-make is of rs.12.5 lakh by sheesh ram of neemrana, alwar, rajasthan. accordingly, the order dated august 26, 2010 confirming the sale of the excavator in favour of ankit goel is recalled and the sale of the excavator is now confirmed in favour of sheesh ram at rs.12.5 lakh. the earnest deposit of rs.10,000/- furnished by ankit goel will be forfeited. the receiver will make over the asset to the purchaser only upon receiving the full consideration therefore and the consideration may be received directly in the name of the decree-holder. the receiver may hand over possession of the excavator by way of a letter of possession being issued or by engaging an agent for the purpose of making over physical possession. the receiver will be paid a further remuneration of 300 gm which will be added to the decree-holders claim in execution. upon the sale being completed and the payment therefor being handed over to the decree-holder and the receiver receiving his remuneration, he will stand discharged without being required to file any accounts. the sale should be completed within a period of a fortnight. the decree-holder will file a supplementary affidavit within four weeks from date to indicate the balance decretal debt and forward copies of such supplementary affidavit to the judgment-debtors. let the matter appear six weeks hence. urgent certified photocopies of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.

Judgment:
The Court : The decree-holder says that the person who made the highest offer earlier has backed out though the earnest deposit of Rs.10,000/- still remains with the Receiver. The second-highest bid for the sale of the excavator of 2007-make is of Rs.12.5 lakh by Sheesh Ram of Neemrana, Alwar, Rajasthan.

Accordingly, the order dated August 26, 2010 confirming the sale of the excavator in favour of Ankit Goel is recalled and the sale of the excavator is now confirmed in favour of Sheesh Ram at Rs.12.5 lakh. The earnest deposit of Rs.10,000/- furnished by Ankit Goel will be forfeited.

The Receiver will make over the asset to the purchaser only upon receiving the full consideration therefore and the consideration may be received directly in the name of the decree-holder. The Receiver may hand over possession of the excavator by way of a letter of possession being issued or by engaging an agent for the purpose of making over physical possession.

The Receiver will be paid a further remuneration of 300 GM which will be added to the decree-holders claim in execution. Upon the sale being completed and the payment therefor being handed over to the decree-holder and the Receiver receiving his remuneration, he will stand discharged without being required to file any accounts.

The sale should be completed within a period of a fortnight. The decree-holder will file a supplementary affidavit within four weeks from date to indicate the balance decretal debt and forward copies of such supplementary affidavit to the judgment-debtors.

Let the matter appear six weeks hence.

Urgent certified photocopies of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.