V.THIRUMURUGAN Vs. RAJSRIYA AUTOMOBILE INDUSTRIES PVT. LTD

JUDGEMENT

(1.) The brief facts relevant for the disposal of these appeals are as under: M/s.Uma Maheshwari Mills Limited was wound up by an order of this Court dated 2.1.2006 in C.P.No.173 of 2001 filed by M/s.Upasana Finance Limited and thereafter the assets vested in the Official Liquidator.

(2.) One of the secured creditors, to wit Indian Overseas Bank, the second respondent in O.S.A.No.179 of 2012, has initiated action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity, "the SARFAESI Act") by attaching the company's factory premises and taking possession of the same.

(3.) The assets of the company in liquidation, to wit the land and building, were advertised for sale by the Official Liquidator on 24.8.2008 and 11.4.2010 and there was no response to the advertisement. Thereafter steps were taken to sell the property by fixing the upset price of the property at Rs.12.43 Crores through the ITCOT Consultancy and Services and that was also not fruitful. It was on 6.9.2010, the first respondent, who is a member of the Hosur Industries Association, offered to purchase the property at Rs.12.52 Crores.