2005 (1) TMI 735

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....balance amount was to be deposited on 15-4-2003. It was made clear in the terms and conditions of sale that the payment was to be made by way of bank draft. 3. Undisputedly Respondent 1 did not make payment of the balance amount within the specified time. The Tribunal set up under the Debts Recovery Appellate Tribunal accordingly cancelled the sale to Respondent 1 by order dated 16-6-2003. 4. Respondent 1 filed an appeal before the Presiding Officer. While the appeal was pending, the appellant submitted an offer to the Receiver for purchase of assets of the judgment-debtor for a sum of Rs. 64 lakhs. According to the appellant, this offer was placed before the Recovery Officer by 12-9-2003. The appellant then made an application before....

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.... the application of Respondent 1 and confirmed the sale in favour of Respondent 1 for Rs. 70 lakhs. The appellant claimed that it had raised its offer by a further sum of Rs. 10 lakhs. The High Court did not accept the appellant's offer. Incidentally, the appellant has also deposited an amount of Rs. 70 lakhs with the Receiver consequent upon the order of the Appellate Tribunal in his favour. On the basis of the High Court's order allowing the sale of the property in favour of Respondent 1 the Recovery Officer has confirmed the sale in his favour on 27-3-2004. 7. The appellant preferred this appeal in March 2004 when this Court granted an interim order directing the status quo to be maintained. The order is still operating. 8.....