Attached tenancy rights may be sold at the best available price when no better offer emerges, with terms adjusted for fair realisation.

Attached tenancy rights of a notified party may be disposed of for satisfaction of liabilities where public advertisement yields no better offer and the landlord's bid is the highest available price. The Supreme Court upheld the direction for disposal of the tenancy rights and delivery of possession, rejecting the contention that no outstanding liabilities existed. It also modified the monetary terms by requiring the landlord to deposit the balance amount, an enhanced sum and the rent received, while maintaining that no interest would be claimed on the amount already deposited.

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Issues: Whether the Special Court was justified in directing disposal of the attached tenancy rights and in permitting the landlord to secure possession on payment of the amount fixed, with modification of the monetary terms.

Analysis: The appellant was a notified party under the Special Courts (Trial of Offences relating to Transactions in Securities) Act, 1992, and its tenancy rights stood attached for satisfaction of liabilities. The Special Court had proceeded on the basis that public advertisement had not produced any better offer and had accepted the landlord's offer as the highest available price for surrender of the tenancy rights. The challenge that no outstanding liabilities existed was rejected. Taking note of the prolonged pendency and the landlord's additional offer, the Court modified the monetary direction by requiring deposit of the balance amount together with an enhanced sum and rental amount received, while preserving the condition that the landlord would not claim interest on the amount already deposited.

Conclusion: The direction for disposal of the tenancy rights and delivery of possession was upheld, with modification of the amount to be deposited by the landlord.

Ratio Decidendi: Where attached tenancy rights of a notified party are to be realised for satisfaction of liabilities and no better offer is available, the Court may uphold their disposal at the best available price and may modify the terms to secure a fair and effective realisation.

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