North East Region Finservice … vs Oriental Bank Of Commerce on 30 January, 2017

1. The present petition has been filed by the petitioner praying inter alia
for issuance of a writ of mandamus to the respondent for granting it further
time to sell the property proposed to be auctioned by them in terms of the
order dated 21.5.2016 passed by the Lok Adalat wherein the parties had
arrived at a settlement.
2. Ms. Sikri, learned counsel who appears on an advance notice states on
instructions that the settlement had fallen through on account of failure on
the part of the petitioner to abide by the undertakings recorded in the
settlement and the said decision was duly communicated by the respondent.
Only thereafter was it decided to auction the subject property. She however

W.P.(C) 834/2017 Page 1 of 2
states that though the auction has been fixed for tomorrow, at a reserve price
of Rs.1,72,00,000/, till today, nobody has shown any interest in participating
in the auction.

Source: Indian Kanoon

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