M/S Regent Land Holdings PVT. LTD. vs. Indian Overseas Bank
Held
The Court disposed of the petition with directions. The petitioner was to deposit the entire amount along with applicable interest at 9% and the GST amount (already deposited by the bank) on or before December 28, 2020. Upon such deposit, the Bank was directed to transfer the property to the petitioner and issue a sale certificate. Furthermore, the Bank was directed to apply for a refund of the GST from the Government and, upon receiving it, to transfer the refunded amount to the petitioner. The Court did not expressly leave any issue undecided.
Facts
The petitioner, M/s Regent Land Holdings Pvt. Ltd., filed a writ petition challenging the respondent-Bank's action of forfeiting its earnest money and ordering the re-auction of a plot. The petitioner sought to deposit the entire money along with interest. The respondent-Bank accepted this proposal but highlighted that it had already deposited GST on the forfeited earnest money with the Government. The petitioner then offered to deposit the GST amount with the bank, contingent on the bank seeking a refund from the Government and returning it to the petitioner. The respondent-Bank agreed to this arrangement.
Key Issues
1. Whether the petitioner is entitled to have the property transferred upon depositing the entire amount along with interest and GST, given the respondent-Bank's prior deposit of GST with the Government? Petitioner's contention: The petitioner argued for the unconditional deposit of the entire money with interest and expressed readiness to deposit the GST amount, provided the bank would seek a refund from the Government and return it. The petitioner sought to demonstrate bona fide through this offer. Respondent's contention: The respondent-Bank stated it had no objection to accepting the money for closure but pointed out that GST had already been deposited with the Government on the forfeited earnest money. The bank fairly accepted the petitioner's offer regarding the GST refund.
AI-generated summary — verify with the full judgment below
IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH 107
CWP-22114-2020 (O&M) Date of Decision : 21.12.2020 M/s Regent Land Holdings Pvt.Ltd ...... Petitioner Versus Indian Overseas Bank
...... Respondent CORAM : HON'BLE MR. JUSTICE AJAY TEWARI HON'BLE MRS. JUSTICE RAJESH BHARDWAJ *** Present : Mr. Anandeshwar Gautam, Advocate for the petitioner. *** AJAY TEWARI, J. (ORAL) By this petition the petitioner has challenged the action of the respondent-Bank in forfeiting his earnest money and ordering re-auction of the plot in question. Today, learned counsel for the petitioner states that the petitioner is ready to unconditionally deposit the entire money along with interest with effect from 8.9.2020 (the date on which three months extension expired). Notice of motion. Mr. C.S.Pasricha, Advocate accepts notice on behalf of respondent-Bank. On instruction from Mr. Veer Chand Thakur Pandy, Chief Manager, learned counsel for the respondent-bank states that the bank would have no problem in accepting the money since the bank also wants ANURADHA 2020.12.24 05:11 I attest to the accuracy and integrity of this document
CWP-22114-2020 (O&M) -2- closure but the fact is that o
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