Drat Mumbai Court March 1998 Judgments
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JaIn Rice Mills Through Jagdish Vs. Punjab and Sind Bank and ors.
Court: DRAT Mumbai
Decided on: Mar-12-1998
1. Legality of the confirmation of the sale held by auction on 8.3.1997 is called in question in this appeal preferred by judgment-debtor (J.D.). The decree-holder Bank (D.H.B.) had obtained two decrees against the J.D. in Suit Nos. 542/85 and 14/86 from Jullandhar Court for Rs. 8,52,580.72 and Rs. 36,85,788.34 on 13.9.1985 and 27.9.1986 respectively. The decree in Suit No. 14/86 was directed to be executed by the sale of the mortgaged property.3. Both the decrees were put for execution. When the Bank could not execute the decrees in the normal course, the execution was sought by arrest and detention of the J.D. Jagdish Jain in civil prison.Accordingly the J.D. was arrested on or about 8.8.1994. In civil revision bearing No. 3160/94 preferred by J.D. in High Court he was directed to be released on bail. The execution proceedings which were pending in the Civil Court were then transferred to Debts Recovery Tribunal, Jaipur under the provisions of Recovery of Debts Due to Banks and Fina...
Jindal Trading Co. and anr. Vs. Punjab and Sind Bank and anr.
Court: DRAT Mumbai
Decided on: Mar-06-1998
1. Both the appeals directed against the orders passed by the Recovery Officer auctioning the property and even confirming the sale are being disposed of by this common judgment.The decree-holder Bank had obtained money decree in Suit No. 552/86 from Jullandhar Court on 28.7.1987 for Rs. 21,17,551.64 along with future interest. The said decree was sought to be executed by the sale of mortgaged property. The execution proceedings came to be transferred to Debts Recovery Tribunal, Jaipur in view of the provisions of Recovery of Debts Due to Banks and Financial Institutions Act, 1993.The Recovery Officer issued sale proclamation and the property which was already mortgaged with the Bank was put to auction on 6,3.1997. The highest bid for Rs. 43,47,000/- in favour of respondent No. 3 M/s.Jogasingh Sons was accepted.3. The objection petition for challenging the auction stood dismissed by the Recovery Officer resulting into the confirmation of the sale on 12.9.1997 and issuing of the sale c...
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