Ms Sri Bannari Amman Fresh Fruits vs UNION BANK OF INDIA on 9 October 2019

ORDER

This appeal has been preferred by the appellant challenging the order dated 20.3.2019 in M.A.No.45/19 in DRC 251/2018 in OA 640/2015 passed by the Ld. Recovery Officer, interalia, contending that the order allowing Advocate Commissioner to evict the appellant from the Ground Floor portion of the schedule mentioned property and to deliver vacant possession of the same is unsustainable and untenable under law. The R1 alone resisting the appeal as the relief against R2 to R5 was given up vide memo in Sr. NO.12930 dated 30.9.2019. While it was so, the appellant and the R1 filed a joint memo of compromise and prayed the Tribunal to dispose the appeal in terms of the joint memo.

I have heard the Ld. Sr. Counsel for the appellant and the Ld. Counsel for R1.

2. Perused the terms and conditions of compromise which are as follows: Para 7 a: It is agreed between the Appellant and the First Respondent that the First Respondent shall be at liberty to proceed for E-auction of the Entire immovable property Viz. Item No.1 – Adyar property mentioned in Schedule “B” of the said DRC No.251 of 2018 including the Ground Floor portion under Occupation of Appellant herein and the Interim Order granted on 20.3.2019 by this Hon’ble Tribunal in Appeal No.1 of 2019 extended periodically shall not be a bar for conducting the E-Auction. The Appellant undertakes to participate in the proposed E-Auction of Item No.1 – Adyar property mentioned in Schedule “B” of the said DRC No.251 of 2018 as and when conducted, as already agreed before this Hon’ble Tribunal while obtaining interim order.

b. It is agreed between the Appellant and the First Respondent that in case, the appellant becomes the successful bidder in the proposed E-Auction Sale with respect to Item No.1 Adyar property mentioned in Schedule “B” of the said DRC No.251 of 2018 to be conducted by the Ld.Recovery Officer of this Hon’ble Tribunal and comply with the Terms and conditions of said E-Auction, the Appellant can continue to be in possession of the Ground Floor portion of the Item No.1- Adyar property mentioned in Schedule “B” of the said DRC No.251 of 2018. c. It is agreed between the Appellant and the First Respondent that if the Appellant becomes the unsuccessful bidder in the proposed E-Auction Sale of Item No.1 – Adyar property mentioned in Schedule “B” of the said DRC No.251 of 2018 to be conducted by the Ld. Recovery Officer of this Hon’ble Tribunal or fails to comply with any of the Terms and Conditions of E-Auction Sale Notice available to all intending bidders subsequent to highest bid amount quoted by the appellant, the appellant undertakes to vacate the ground floor occupied by the Appellant and deliver Vacant Physical Possession of said Ground Floor Portion of the Item No.1-Adyar property mentioned in Schedule “B” of the said DRC No.251 of 2018 to the Successful bidder/Learned Recovery Officer within seven days of confirmation of sale by the Learned Recovery Officer in favour of the successful bidder without demur & protest. d. It is agreed between the Appellant and the First Respondent that in the event, the Appellant becomes the unsuccessful bidder in the E-Auction Sale, the deposit of Rs.1.5 Crores shall be released to the Appellant on vacating the ground floor to the Successful Purchaser within seven days as stated above. On failure to vacate the ground floor, the amount of Rs.1.50 Crore shall stand forfeited and the Appellant shall have no claim on the said amount. The said amount shall be given to the First Respondent Bank for appropriation. Apart from the above, the First Respondent or the Successful Bidder shall have the liberty to initiate necessary action to recover the physical possession from the Appellant. e. It is further agreed between the Appellant and the First Respondent that in case, if the Appellants fails to participate in the E-Auction also, the amount of Rs.1.50 Crore shall be forfeited and the Appellant shall have no claim on the said amount. The said amount shall be given to the First Respondent Bank for appropriation and the Appellant undertakes to vacate the ground floor occupied by the Appellant and deliver Vacant Physical Possession of said Ground floor Portion of the Item No.1 –Adyar property mentioned in Schedule “B”of the said DRC No.251 of 2018 to the Successful bidder/Learned Recovery officer within seven days of confirmation of sale by the Learned Recovery Officer in favour of the successful bidder without demur & protest.

3. Having heard the Ld. Counsel for the appellant and the R1 and on careful perusal of the aforesaid terms and conditions of compromise, the Tribunal is satisfied with the terms of compromise and therefore the same are taken on record and the appeal is disposed of as per the terms of compromise, as follows: a. The First Respondent is at liberty to proceed for E-auction of the Entire immovable property Viz. Item No.1 – Adyar property mentioned in Schedule “B” of the said DRC No.251 of 2018 including the Ground Floor portion under Occupation of Appellant herein. b. It is hereby ordered that Interim Order granted on 20.3.2019 by this Hon’ble Tribunal in Appeal No.1 of 2019 extended periodically shall not be a bar for conducting the E-Auction, as per law. c. The Appellant is fully at liberty to to participate in the proposed E-Auction of Item No.1 – Adyar property mentioned in Schedule “B” of the said DRC No.251 of 2018 as and when conducted. d. If the appellant becomes the successful bidder in the proposed E-Auction Sale with respect to Item No.1 Adyar property mentioned in Schedule “B” of the said DRC No.251 of 2018 to be conducted by the Ld.Recovery Officer of this Tribunal and complying with the Terms and conditions of said E-Auction, the Appellant can continue to be in possession of the Ground Floor portion of the Item No.1- Adyar property mentioned in Schedule “B” of the said DRC No.251 of 2018. e. If the Appellant fails to comply with any of the Terms and Conditions of E-Auction Sale, the appellant shall vacate the ground floor occupied by the Appellant and deliver Vacant Physical Possession of said Ground Floor Portion of the Item No.1-Adyar property mentioned in Schedule “B” of the said DRC No.251 of 2018 to the Successful bidder or to the Learned Recovery Officer within seven days of confirmation of sale by the Learned Recovery Officer in favour of the successful bidder without demur & protest. f It is hereby ordered that in the event, the Appellant becomes the unsuccessful bidder in the E-Auction Sale, the deposit of Rs.1.5 Crores shall be released to the Appellant on vacating the ground floor to the Successful Purchaser within seven days as stated above.

g. On failure to vacate the ground floor, the amount of Rs.1.50 Crore shall stand forfeited and the Appellant shall have no claim on the said amount. The said amount shall be given to the First Respondent Bank for appropriation. Apart from the above, the First Respondent or the Successful Bidder shall have the liberty to initiate necessary action to recover the physical possession from the Appellant. e. It is further ordered that if the Appellants fails to participate in the E-Auction also, the amount of Rs.1.50 Crore shall be forfeited and the Appellant shall have no claim on the said amount. The said amount shall be given to the First Respondent Bank for appropriation and the Appellant undertakes to vacate the ground floor occupied by the Appellant and deliver Vacant Physical Possession of said Ground floor Portion of the Item No.1 –Adyar property mentioned in Schedule “B”of the said DRC No.251 of 2018 to the Successful bidder/Learned Recovery officer within seven days of confirmation of sale by the Learned Recovery Officer in favour of the successful bidder without demur & protest.

4. The terms and conditions of compromise shall form part of the order of this appeal. No order as to costs.

5. Status quo granted on 20.3.2019 shall not apply to the intended sale.

6. Communicate a copy of the order to the parties concerned in terms of Rule 16 read with Rule 2(c) of DRT (Procedure) Rules, 1993.

(Dictated to PS, transcribed by her, corrected, signed and pronounced by me in the Open Court, this 9th Day of October, 2019)

Sd/- (N.V.BADARINATH) PRESIDING OFFICER(Addl.Charge) DRT-I, CHENNAI