SATTVA VAID NATURES GLOBAL PRIVATE LIMITED Vs. STATE INDUSTRIES PROMOTION CORPORATION OF TAMIL NADU LIMITED

JUDGEMENT

(1.) Heard Mr. AR.L.Sundaresan, Learned Senior Counsel appearing for the Petitioner in W.P. No. 14582 of 2022, Mr. B.Sanjay Balachandar, Learned Counsel for the Petitioner in W.P. No. 21448 of 2022 and Mr. Ramesh Venkatachalapathy, Learned Counsel for the First and Second Respondents and perused the materials placed on record, apart from the pleadings of the parties.

(2.) In view of the order proposed to be passed, which would not cause any prejudice to the Third Respondent, notice to it is dispensed with.

(3.) The First Respondent had allotted Plot Nos. A-7, A-10, A-11, A-12 and A-15 for a total extent of 55.15 acres in the SIPCOT Industrial Complex, Cuddalore to one M/s. JK Pharma Chem Limited and had executed a lease deed dtd. 1/6/1990 for the period of 99 years. Thereafter, the First Respondent by a modified lease deed dtd. 22/4/2013 had accorded approval for transferring the remaining period of lease hold rights of the said JK Pharma Chem Limited to M/s.Vardhman Life Sciences Private Limited (hereinafter referred to as 'M/s.Vardhman' for short) subject to the conditions stipulated in Letter No. DIL/Cud/VLSPL/2013 dtd. 30/3/2013. M/s.Vardhman had obtained Certificate of No Objection by proceedings in Ref. No. D-II/SIC-C/Vardhman/2013 dtd. 8/5/2013 from the First Respondent for creating mortgage of the said property in favour of State Bank of India, Exim Bank, State Bank of Hyderabad and State Bank of Patiala. As there was default in the borrowing made from State Bank of India, it had assigned the debt by agreement dtd. 4/3/2015 in favour of the Third Respondent, viz., M/s.Edelweiss Asset Reconstruction Company Limited, who had brought the property for sale in public auction in which the Petitioners, viz., M/s. Sattva Vaid Nature's Global Private Limited (Petitioner in W.P. No. 14582 of 2022) and M/s. Kawman Ex-Act Ingredients Private Limited (Petitioner in W.P. No. 21448 of 2022), were the successful bidders in respect of Plot No. A-15 in two parts, and the other plots belonging to M/s. Vardhman were purchased by M/s. Sri Vari Dyeings Process and M/s. Avanthiya Pharma LLP.