V Suryanarayana Raju (Managing Director) 04 September 2014

Normal time - drt judgement

Hi,

I am the highest bidder for a property auctioned by Andhra Bank on 8-1-2014 and paid 25% EMD. I come across there are legal disputes with borrower and tenant, hence I am not paid balance money and filed SA112/14 for refund of money. Brief exact extract of judgement is OP Bank is not entitled to forfeit the amount deposited by bidder and has to be returned along with interest as may be applicable for a term deposit - if the applicant is ready and willing to purchase the property in the present situation he may be permitted to deposit balance amount of bid for getting sale certificate executed in his favour and he is put into possession pursuant to order of CMM provided right of redemption is not exercised by the mortgagor and the borrower.

Other case tenant SA24/2014 judgement Tenant has not acquired any registered deed and cannot be termed as protected tenant under the provisions of state/central Act. The present application is dismissed with costs.

Borrower SA judgement The conducts of borrower demonstrates that they were never serious to repay the loan liability to save their asset. Thus the SA is devoid of merit and deserved to be dismissed as such SA160 of 2013 along with connected IAs are dismissed however without costs. Borrower filed case in High court to withhold auction before the auction process, it was also dismissed.

Under these circumstances is there any chance to extend the litigations by Tenant or Borrower. I wanted to buy a peaceful property not any litigation. What are the time limits for going to appeal by Tenant or Borrower Appeal for DRAT time limit 45days are over but no intimation to Banker or me. CMM court is allowing time to borrower as per his request for going to appeal. Since CMM court is not passing orders for possession, I have not paid the balance money for the property. In the SA112/2014 has not specified any time limit to take back money or pay the balance money to deposit for the property. Above 3judgements in DRT are delivered on 15-7-2014. Please advise how long I can wait to take possession of property and pay balance money or taking back my EMD.