VINOD REALTIES PVT LTD Vs. STATE OF GUJARAT

JUDGEMENT

(1.) BY way of this petition under Article 226 of the Constitution, the petitioner has prayed for following relief :

(2.) THE petitioner is a Private Limited Company registered with Registrar of Companies. It appears that M/s. Aditi Exports Pvt. Ltd. obtained loan from Bank of Baroda and as security, the property bearing Block No.75/B paiki admeasuring 4076 Sq. Mtrs. situated at village Santej, Taluka : Kalol, District : Gandhinagar and property bearing Block No.234 admeasuring 3449 Sq. Mtrs. together with construction thereon, situated at village Santej, Taluka : Kalol, District : Gandhinagar, was mortgaged with Bank of Baroda. It appears that M/s. Aditi Exports Pvt. Ltd. defaulted in repayment of the loan and therefore, Bank of Baroda took measures under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short SARFAESI Act). THEreafter, both the properties were put to auction. It appears that Bank of Baroda assigned the debts to M/s. J.M. Financial Assets Reconstruction Company Private Limited in the year 2009. M/s. J.M. Financial Assets Reconstruction company Private Limited auctioned the properties and in said auction proceedings, M/s. Manibhadra Sales Corporation was declared to be the highest bidder. It also appears that the petitioner was nominated by highest bidder, M/s. J.M. Financial Assets Reconstruction Company Private Limited, who offered highest price of Rs.1,51, 44,350/-. THE sale was confirmed in favour of the highest bidder i.e. M/s. Manibhadra Sales Corporation, who nominated the petitioner and in whose favour, sale was confirmed by letter dated 2.11.2009.

(3.) IT is at that stage, that the petitioner was constrained to prefer the present petition.