Article 16 is a provision for levy of stamp duty on the market value of the property sold in a public auction by the Court. It is in such cases that for determination of the

26. Article 16 is a provision for levy of stamp duty on the
market value of the property sold in a public auction by the
Court. It is in such cases that for determination of the market
value the observations of the Hon’ble Supreme Court in
Registrar of Assurances and Another (supra) are authoritative.
As indicated earlier, Spectrum Constructions and Developers
LLP (supra) though has referred to the decision in Pinak
Bharat & Co., has in fact followed the law laid down in
Registrar of Assurances and Another (supra) and in our
considered opinion, rightly so.
27. Resultantly, the Commercial Appeal (L) No.28626 of
2023 of Pinak Bharat & Co. and another is allowed. The
impugned order dated 27th March 2019 in Commercial
Execution Application No.22 of 2016 is set aside.
28. We make it clear that having set aside the impugned
order, the general practice to be followed prescribed by the
learned Single Judge in paragraph 23 is rendered
inconsequential. In all cases, other than the one covere