SAMRAT ASHOK EXPORTS Vs. ASST P F COMMR

JUDGEMENT

(1.) M/s. Samrat Ashok Exports Ltd. , is before this Court challenging the Auction proceedings dated 28-3-2001 at Annexure 'c' on the following facts.

(2.) THE petitioner M/s. Samrat Ashok Exports Ltd. , is the owner of land bearing Sy. No. 70 measuring 1 acres 20 guntas situated at Jaranganahalli, Uttarahalli, Hobli, Bangalore South, Taluk in terms of Sale Deeds. M/s. Ashok Exports was taken over by M/s. Samrat Ashok Exports Ltd. An Enforcement Officer attached to the Employees. Provident Fund Office filed a complaint against the petitioner Company and its Directors in various complaints in the matter of offence punishable under Section 14ab of the Employees Provident Fund and Miscellaneous Provisions Act, 1952. The petitioner, according to the complaint is due to the extent of Rs. 95,44,940/- towards Provident Fund arrears. Cases are still pending. In the meanwhile, recovery proceedings were initiated and in terms of the Recovery Certificate, they sought to attach the land bearing Sy. No. 70 measuirng 1 acres and 20 guntas towards Recovery of the Principal amount of the Provident Fund. The property was attached. The Recovery Officer passed an order ordering the auction of the property towards realisation of the PF dues in terms of an order dated 5-2-2001. The said order was intimated to the petitioner. The petitioner states that the property in terms of the valuation is more than 3 crores. According to him, the property is being sold at a throw away price which cannot be done. The petitioner also states that a case is registered in a Registration case No. 61/2000 in the matter of rehabilitation. The petitioner challenges this order on various grounds.

(3.) NOTICE was ordered pursuant to which the respondents have entered appearance and have filed their statement of objections.