The Court : The present application is for implementation of an arbitral award under Section 36 of the Arbitration and Conciliation Act, 1996. It is
submitted by the sole bidder who participated in the public auction held by the learned Receiver, who is also present in Court today, that the same
bidder may be permitted to put in a fresh demand draft, since the previous demand draft furnished for the earnest amount of 20 per cent of the
consideration amount has already expired. When the matter is taken up for hearing, it is submitted in unison by all the parties that the sale can be
confirmed to cover a portion of the decretal amount, to the tune of Rs.8,00,000/-, being the present sale proceeds.
In such view of the matter, no effective purpose would be served in keeping the execution case pending. However, in view of the expiry of the
demand draft, it is required that the sole bidder submits a fresh demand draft, now covering the entire consideration amount of Rs.8,00,000/-, so that
the sale can be confirmed.
Accordingly, E.C. No. 122 of 2019 is disposed of by directing the sole bidder to hand over a fresh demand draft for Rs.8,00,000/-, in the name of the
decree-holder, to the Receiver. The Receiver shall return the previous demand draft to the bidder simultaneously. Such fresh demand draft has to be
paid within a period of three weeks from date. In view of the further assistance rendered by the learned Receiver, the award-debtor/petitioner shall
pay a further amount of 1800 GMs to the Receiver in full and final settlement of her remuneration, within a period of one week from date. The
Receiver shall take further steps necessary for confirmation of sale in favour of the bidder and hand over the fresh demand draft to the award-debtor,
subject to such payments being made by the bidder (by demand draft) as well as by the decree-holder to the Receiver, immediately thereafter, upon
completion of the necessary formalities. The decree-holder is given liberty to move a further execution case for recovery of the balance decretal
amount by levying fresh execution, without being prejudiced in any manner by the disposal of the present execution case.
There shall be no order as to costs.
