OD-5 WPO/896/2024 IN THE HIGH COURT AT CALCUTTA Constitutional Writ Jurisdiction ORIGINAL SIDE PLANO ESTATES PRIVATE LIMITED AND ANR. VS. SECURITIES AND EXHANGE BOARD OF INDIA (SEBI) AND ANR. BEFORE: The Hon'ble JUSTICE AMRITA SINHA Date : March 27, 2025. Appearance: Mr. K. C. Garg, Adv. …for the petitioner Mr. Mainak Bose, Sr. Adv. Ms. Aasia Hasan, Adv. Mr. Mayank Shah, Adv. …for the respondent no.1/SEBI 1. The petitioners challenge the act on the part of SEBI in selling the property situated at L. R. Khatian No.315, Plot No.454, Mouza- Keshiakol, P.S. Bankura, District-Bankura. 2. The contention of the petitioners is that SEBI does not have the right to sell off the said property. Despite the petitioners depositing the sale amount and sale certificate issued in their favour, the petitioners cannot take possession of the same as the subject property is occupied by a third party. Prayer has been made to cancel the sale certificate issued by SEBI in favour of the petitioners and to refund the consideration amount. 2 3. Learned counsel representing SEBI refers to the public notice for e- auction for sale of the subject immovable property. 4. A note is appended to the said public notice which specifically mentions that the intending bidders should make their own independent inquiries regarding the encumbrances, title in respect of the property put on auction prior to submitting their bid. The auction advertisement does not constitute and will not be deemed to constitute any commitment or any representation of SEBI/the Administrators. The properties are being sold with all the existing and future encumbrances, whether known or unknown to SEBI/the Administrators. SEBI/the Administrators shall not be responsible in any way for any third party claims/rights/dues etc. 5. SEBI contends that the public notice contains a provision for inspection of the subject property. The intending bidders could have submitted or mailed their request to the Administrators for inspection of the subject property. 6. It has been submitted by SEBI that there is no provision permitting the authority to take possession and thereafter hand over possession to the successful bidder. It has been submitted that under the provision of law, SEBI is not obliged to hand over possession of the secured asset. The secured asset/mortgaged property is sold on ‘as is where is’ and ‘whatever there is’ basis. The petitioners ought to have exercised their due diligence prior to submitting their bid. After conclusion of the sale 3 and issuance of the sale certificate, SEBI does not have any authority and/or power to hand over vacant possession of the subject property to the bidder. 7. I have heard the submissions made on behalf of both the parties and I have perused the materials on record. 8. The petitioners raise an issue with regard to the title of the property. Disputed question of title cannot be adjudicated in the writ proceeding. The petitioners ought to have made proper inquiries prior to submitting the bid. 9. As there are several disputed issues which cannot be resolved in the instant writ petition, accordingly, the writ petition being WPO/896/2024 stands dismissed. 10. Dismissal of the writ petition will, however, not stand in the way of the petitioners from approaching the competent civil and criminal court for relief, in accordance with law, if so advised. 11. Urgent photostat certified copy of this order, if applied for, be supplied to the parties upon compliance of all the requisite formalities. (AMRITA SINHA, J.) kc