High Court for State of TelanganaWP/22025/2016disposed of no costs

M/S. Aditya Constructions, v. The State Bank Of Hyderabad,

2016-07-05Sanjay Kumar,B.Siva Sankara Rao2 pages

HON'BLE SRI JUSTICE SANJAY KUMAR AND HON'BLE Dr. JUSTICE B.SIVA SANKARA RAO W.P.No.22025 of 2016 ORDER: (per Hon'ble Justice Sanjay Kumar) Challenge in this Writ Petition is to the sale notice dated 27.05.2016 issued by the 1st respondent bank proposing to hold the sale of the secured assets belonging to the petitioners on 08.07.2016. Sri Rajasekhar Thallapally, learned counsel for the petitioners, would state that his clients are anxious to liquidate the entire outstanding dues of the respondent bank. We therefore dispose of the Writ Petition permitting the respondent bank to proceed with the sale scheduled to be held on 08.07.2016. However, the sale shall not be confirmed and not more than 25% of the bid amount shall be collected from the auction purchaser(s), if any.

The petitioners shall deposit 1/4th of the total outstanding dues as intimated to them by the respondent bank on or before 15.07.2016. In the event the petitioners fail to make this deposit on or before 15.07.2016, the respondent bank would be at liberty to proceed in the matter in accordance with law. However, if the said amount is deposited by 15.07.2016, the respondent bank shall not confirm the sale till 09.08.2016. The petitioners shall discharge the balance of the entire outstanding dues on or before the said date, be it by way of a lumpsum payment or in instalments. In the event the petitioners do so, the respondent bank shall cancel the sale and return the 25% of the bid amount collected from the auction purchaser(s) with 9% interest p.a. thereon. The petitioners shall bear this interest burden also.

In the event the petitioners fail to make the deposit as aforestated by 09.08.2016, the respondent bank would be at liberty to proceed in the matter in accordance with law.

Pending miscellaneous petitions, if any, in the Writ Petition shall stand closed. No costs.

____________________ SANJAY KUMAR, J ______________________________ Dr. B. SIVA SANKARA RAO, J Dt.05.07.2016 Vvr.

Note: C.C.today.

B/o. vvr.