Order
IAs Nos. 4-6 of 2012
1. These applications were preferred by the Bank stating that going by the present valuation the property will fetch nearly Rs 10 crores whereas the order stipulates reserve price of only Rs 3 crores. Hence, the Bank has sought modification of the upset price fixed by the Court.
2. The learned counsel for the Bank also submitted that as per the Debts Recovery Tribunal Act the time stipulated for auction is thirty days whereas the order directs to conduct the auction within two weeks. To this extent the respondent seeks modification of that direction also.
3. The learned counsel on the either side submitted that the auction should go on without any delay.
4. Considering the facts and circumstances of the case we are inclined to dispose of these applications directing the Recovery Officer to go on with the auction within the time-limit stipulated in the bid. The question as to whether the upset price has been correctly fixed or not will depend upon the bid amount offered by the bidders in the auction.
5. With the above directions, the IAs are disposed of.