2020 (1) TMI 731

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....e petitioner deposited 25% of the bid amount. The petitioner had to remit the balance amount of Rs. 6,82,500/- within 15 days. Due to illness the petitioner was not able to gather the balance amount in time. Hence, the petitioner submitted an application seeking 20 more days' time to remit the balance amount. Respondent No.1 issued a reply stating that no extension of time will be granted for depositing the balance amount. The demand made by the petitioner for return of the amount paid by him as 25% of the bid amount has also been rejected by respondent No.1. Now Ext.P3 notice has been published by respondent No.1 for conducting a fresh auction on 15-12-2015. It is humbly submitted that Ext.P3 notice is illegal and arbitrary. As per the....

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....itioner is that as per the provisions contained in the Second Schedule to the Income Tax Act as made out in the procedure for recovery of tax, (the Rules applicable for recovery under the SARFAESI Act), the 1st respondent cannot conduct a resale without repaying the amount remitted by the petitioner etc. Rules 57 and 58 of the Rules contained in the Second Schedule to the Income Tax Act, Procedure for recovery of Tax (the Rules applicable for recovery under the SARFAESI Act), provide as follows:- "57. Deposit by purchaser and resale in default.- (1) on every sale of immovable property, the person declared to be the purchaser shall pay, immediately after such declaration, a deposit of twenty-five per cent on the amount of his purcha....