Property sale order in debt recovery case with conditions. Court grants authority to first respondent, sets framework. Debt recovery case involving the sale of property in lots. Petitioners seek to sell property in specific order to satisfy debt, while respondent agrees to ...
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Property sale order in debt recovery case with conditions. Court grants authority to first respondent, sets framework.
Debt recovery case involving the sale of property in lots. Petitioners seek to sell property in specific order to satisfy debt, while respondent agrees to consider selling lot-wise with conditions. Reference to previous writ petitions indicates petitioners' limited entitlement. Court allows petitioners to submit representation, with all involved parties to be notified and heard. Coercive proceedings against one petitioner suspended pending decision on representation. Court disposes of writ petition, granting authority to first respondent for sale method and collection, establishing a framework for debt recovery process.
Issues involved: Debt recovery, sale of property in lots, previous writ petitions regarding loan transaction, representation before first respondent, coercive proceedings.
Debt Recovery: The petitioners argue that only the property necessary to satisfy the debt to the first respondent should be sold. They request to sell the property in lots, following a specific order as suggested by them. The first respondent agrees to consider selling the property lot-wise, with a condition that the entire property is put up for sale on the same date and venue. The first respondent proposes a plan for selling lots sequentially if the proceeds from earlier lots are insufficient, similar to a previous case.
Previous Writ Petitions: The first respondent highlights that several writ petitions were previously filed concerning the same loan transaction. Reference is made to judgments in these cases, indicating that the petitioners may not be entitled to further indulgence due to not utilizing extended time granted earlier.
Representation and Auction Sale: The court permits the petitioners to submit a representation to the first respondent within two weeks, which will be considered within a month. All loanees and guarantors will be notified and heard before any orders are finalized. The first respondent is given the authority to determine the method for conducting the sale legally and collecting the amount, including selecting a common venue for the auction sale.
Coercive Proceedings: Coercive proceedings against the fourth petitioner are to be halted until the first respondent makes a decision based on the representation submitted. The writ petition is disposed of, providing a framework for further actions regarding the debt recovery process.
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