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Union of India - Section

Section 72A in The Code of Civil Procedure, 1908

72A. . [Mortgagee not to bid at sale without the leave of the Court. -

(1)Notwithstanding anything contained in rule 72, a mortgagee of immovable property shall not bid for or purchase property sold in execution of a decree on the mortgage unless the Court grants him leave to bid for or purchase the property.
(2)If leave to bid is granted to such mortgagee, then the Court shall fix a reserve price as regards the mortgagee, and unless the Court otherwise directs, the reserve price shall be-
(a)not less than the amount then due for principal, interest and costs in respect of the mortgage if the property is sold in one lot; and
(b)in the case of any property sold in lots, not less than such sum as shall appear to the Court to be properly attributable to each lot in relation to the amount then due for principal, interest and costs on the mortgage.
(3)In other respects, the provisions of sub-rules (2) and (3) of rule 72 shall apply in relation to purchase by the decree-holder under that rule.][Inserted by the Code of Civil Procedure (Amendment) Act, 1976, Section 72, (w.e.f. 1.2.1977).]
High Court Amendment--[Gujarat].-In Order 21, after the existing rule 72, insert the following rule with mafgirial note as new rule 72-A and its marginal note:"72-A. Where leave is granted to the mortgagee to bid, a reserve price to be fixed by the Court.-If leave to bid is granted to the mortgagee of immovable property, a reserve price as regards him shall be fixed (unless the Court shall otherwise think fit) at a sum not less than the amount then due for principal, interest and costs in case the property is sold in one lot, and not less in respect of each lot (in case the property is sold in lots), than such figure as shall appear to be properly attributable to it in relation to the amount aforesaid."-(17-8-1961).