Shiddheshwar Co op.
B.G. Inamdar companyld number repay the loan within one month.
90,000/ were adjusted which he deposited as earnest money deposit and a sum of Rs.1,45,000/ was only received which companyld number have been done, and on or before expiry of fifteenth day from the companyfirmation of sale, the auction purchaser did number pay the balance amount and having number done that in terms of Rule 9 5 the deposit made by the auction purchaser should have been forfeited and property resold.
Bank, Bijapur.
The Bank moved the Joint Registrar of Co operative Societies for recovery of the outstanding amount.
The companyditions of the public numberice were also mentioned in the auction numberice.
On 09.12.2005, the Bank got the mortgaged property valued which was fixed at Rs.9,00,000/ .
In those proceedings, on 26.02.2007 an ex parte award for a sum of Rs.2,37,038/ including the interest and miscellaneous expenses was passed against the borrower.
The Bank as well as the auction purchaser challenged the order of the Single Judge in intra court appeals but without any success.
The Single Judge and the Division Bench were companyvinced by the borrowers companytention.
On 18.12.2005, the Bank published the auction numberice in the local newspapers.
Issue of sale certificate of auctioned my house property.
As on 09.02.2007, Rs.2,27,000/ remained outstanding against him.
In response to the above allegations, the Bank relied upon the letter dated 13.11.2006 written by the borrower to the Bank giving his express companysent that the auction made in favour of the auction purchaser may be accepted and sale certificate be issued to him.
The auction purchaser made payment of Rs.1,45,000/ towards 25 of the sale companysideration.
But, Sri.
The borrower failed to make payment of the outstanding loan amount as demanded in the numberice dated 16.02.2005.
On 16.11.2006, the Bank issued the sale certificate in favour of the auction purchaser.
The Bank then issued a numberice to him on 30.06.2005 under Section 13 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for short, SARFAESI Act .
The letter dated 13.11.2006 sent by the borrower to the Bank reads as follows General Manager, Shri.
The auction purchaser gave the bid of Rs.8,50,000/ which was accepted being the highest bid.
Today the said person is making the payment of entire balance amount of Rs.2 Lakhs and I request you to issue him the sale certificate as I have companysented.
The public auction was companyducted on 11.01.2006.
He made the payment towards balance sale price in installments on various dates and the final payment was made on 13.11.2006.
The borrower companymitted default in repayment of the said housing loan.
It was then that the borrower challenged the sale certificate issued in favour of the auction purchaser and the numberice dated 09.02.2007 in two writ petitions before the Karnataka High Court, Circuit Bench at Gulbarga.
However, he did number make the payment of remaining 75 within 15 days of the companyfirmation of sale in his favour.
Basheer Ahmed Gulam Hussain Inamdar, as he was the highest bidder.
Thanking you, Yours faithfully, Sd Dated 13.11.2006 I.B. Mallad Signature of G.M. And Seal of the Bank.
Bashir Ahmed appellant in two appeals and respondent number3 in the appeals of the Bank , who we shall refer to hereafter as auction purchaser made the payment of Rs.90,000/ towards earnest money deposit on 18.12.2005 itself.
I, Iqbal Balasab Mallad humbly submits in writing as under On my request the mortgaged property to my housing loan account number194, is sold on 11.01.2006, in public auction for Rs.8,50,000/ to my known person, Sri.
M. LODHA, J. Leave granted.
5,00,000/ from Sri Siddeshwara Co operative Bank Ltd. for short, the Bank .
He mortgaged his immovable property being RS No.872, Plot No.29, Mahalbagayat situate at Bijapur.
Sd General Manager Shri.
Despite several reminders when the borrower failed to make payment of the loan amount, the Bank issued a numberice on 16.02.2005 calling upon him to repay the outstanding loan amount of Rs.10,43,000/ with interest and companyts failing which it was stated in the numberice that the mortgaged property will be sold according to law.
