Canara Bank vs M/S. Studywell And Others
1994 Latest Caselaw 385 Del

ORDER

1. This is an application for permission to sell the property which was mortgaged to the plaintiff-Bank. The property mortgaged is D/241, Ashok Vihar, Phase-1, Delhi.

2. The applicant by this application seeks permission to sell this property, and undertakes to deposit the amount of suit in this Court.

3. Reply to this application has been filed. The objection which has been taken by the plaintiff-Bank/non-applicant is that the property in question is the only property which is the security for repayment of the amount claimed in this suit for recovery.

4. In my view, the objection taken by the plaintiff-Bank is not sound inasmuch as the maximum amount which is claimable by the plaintiff-Bank is the amount which it claimed in the suit. The applicant/defendant has also undertaken to deposit that amount in Court. The objections of the plaintiff-Bank have no merit.

5. I allow the applicant/defendant to sell the properly bearing No. D/241, Ashok Vihar, Phase-I, Delhi, subject to condition that the amount of she suit will be first deposited in this Court within two months. The sale will be effective only after the same is confirmed by this Court on receipt of the amount claimed in suit.

6. The amount which is to be deposited by the applicant/defendant would be the amount claimed in the suit together with pendente lite interest at the agreed rate, till the date of deposit, as mentioned in para 24 of the plaint.

7. Upon deposit of the amount in Court, the plaintiff-Bank will return the tide deeds of the property to the applicant/defendant so that the sale can be effected.

8. I.A. stands disposed of. S. 2699/92

9. For directions, to come up on 3-10-1994.

10. Order accordingly.