RE: LETTER FROM DEFAULTER AFTER THE AUCTION NOTICE BEING PUBLISHED UNDER SECTION 12(3) OF THE ARTHA RIN ADALAT AIN, 2003, A/C. Company 1.
We refer to your letter no. ………………. dated 30.10.2007 on the above subject-matter.
From the contents of the letter, it is understood that the captioned defaulter is willing to have a rescheduling of the outstanding loan from IPDC. But this willingness does not make any sense unless they take any positive step to repay the outstanding loan. It does not make any effect on the auction notice and auction of the schedule land. Now your course of action should be to wait for bidder who is interested to buy the schedule property mentioned in the auction notice. If you can sell and adjust the outstanding loan, then no need to file Artha Rin Suit. But if you can not sell the schedule land, then you can file the Artha Rin Suit after the expiration of the date of auction.
If you have further query please do not hesitate to inform us.
For: “The Lawyers & Jurists”