Court Denies Extension for Auction Balance Deposit, Sets Hearing to Determine Rights

The court declined to extend the time for the auction purchaser to deposit the balance amount as they had already deposited 75% of the auction sale price. The court also decided against extending the time period as per Rule 9(4) of the Rules, 2002, due to the positive development. The court expressed its intention to hear the matter finally and determine the rights of the parties over the secured assets, directing the Bank to refrain from issuing the final sale certificate. Notices were directed to be issued to the respondents to ensure their involvement in the proceedings leading to the final decision on the issuance of the final sale certificate.

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Issues:
1. Extension of time for auction purchaser to deposit balance amount.
2. Permissibility of court to extend time period as per Rule 9(4) of the Rules, 2002.
3. Decision on rights of respective parties over secured assets.
4. Issuance of final sale certificate by the Bank.

Extension of Time for Auction Purchaser to Deposit Balance Amount:
The judgment discusses the urgency of the matter and a happy development where the auction purchaser has deposited 75% of the auction sale price with the Bank. The Bank has received the entire auction sale price, and the next step is to issue the final sale certificate to the auction purchaser. The court considered extending the time for the auction purchaser to deposit the balance amount but decided against it due to the positive development.

Permissibility of Court to Extend Time Period as per Rule 9(4) of the Rules, 2002:
The court deliberated on whether it should extend the time period as provided in Rule 9(4) of the Rules, 2002, at the Bank's request. However, due to the positive development of the auction purchaser depositing the balance amount, the court decided that there was no need to address this issue further.

Decision on Rights of Respective Parties over Secured Assets:
The court expressed the intention to hear the matter finally and decide on the rights of the respective parties over the secured assets. It directed that pending the disposal of the petition, the Bank should refrain from issuing the final sale certificate, indicating that a comprehensive decision on the parties' rights would be made.

Issuance of Final Sale Certificate by the Bank:
The judgment directed the issuance of notices to the respondents, returnable on a specified date. The learned AGP waived service of notice for respondents 1 and 2, while respondent 3 would be served by the Bank through email or direct service. This step was taken to ensure all parties were informed and involved in the proceedings leading to the final decision on the issuance of the final sale certificate.

This detailed analysis of the judgment provides insights into the various issues addressed by the court and the decisions made regarding each issue, ensuring a comprehensive understanding of the legal proceedings.

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