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Janatha Textiles vs. TRO (Supreme Court)

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COURT:
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DATE: (Date of pronouncement)
DATE: May 19, 2008 (Date of publication)
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CITATION:

Held, after dismissing on merits the objections to the auction sale for recovery of arrears, that

(i) It is an established principle of law that in a third party auction, the purchaser’s interest in the auctioned property continues to be protected notwithstanding that the underlying decree is subsequently set aside or otherwise.

(ii) The law makes a clear distinction between a stranger who is a bona fide purchaser of the property at an auction sale and a decree holder purchaser at a court auction. The strangers to the decree are afforded protection by the court because they are not connected with the decree. Unless protection is extended to them the court sales would not fetch market value or fair price of the property.

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