(1.) M/s. Vishwa Polly Processors Pvt. Ltd. (in short hereinafter referred as the Company) was granted Cash Credit Hypothetication Limit (in short CC Limit) by the State Bank of India, Cantt. Branch, Kanpur for utilisation of fund during business transaction. When the said company failed to pay the dues, respondents' Bank sent a demand notice for the payment of dues but it could not be liquidated by the company. Feeling aggrieved a regular suit bearing No. 331 of 1997 was filed for recovery of a sum of Rs. 29,89,578 plus interest. On promulgation of Recovery of Debt Dues to Banks and Financial Institutions Act, 1993 (in short hereinafter referred as the Act), the suit was transferred to Debt recovery Tribunal, Jabalpur, then to Allahabad.
(2.) By judgment and order dated 6th September, 2002 the suit was decreed in favour of State Bank of India, Cantt. Branch, Kanpur for an amount of Rs. 29,89,578/-. In consequence thereof, a recovery certificate No. 299 dated 6.9.2002 was issued by Presiding Officer, Debt Recovery Tribunal, Allahabad for the recovery of decretal amount against the company. By order dated 21.3.2003 the Debt Recovery Tribunal, Allahabad had passed an order for attachment of immovable property of the Company. In pursuance to the provision for recovery of tax under the Income Tax Act, 1961 (in short hereinafter referred as the Rule) Form 16 was issued for attachment of immovable property of the company bearing House No. B-21, Indira Nagar, Lucknow. Admittedly, the Rule for recovery of dues is appendix as Second Schedule of the Income Tax Apt, 1961.
(3.) By order dated 7th March, 2002 M/s. Vishwa Polly Processors Pvt. Ltd. and others were directed to appear before Recovery Officer of Debt Recovery Tribunal, Allahabad on 7th March, 2003 for setting the terms of proclamation of sale. According to petitioner's Counsel in spite of service of notice none appeared before the recovery officer on 7.3.2003. The cost of the house in accordance to valuation report prepared by the valuer of the State Bank of India dated 9th March, 2003 was Rs. 34,93,900/-. According to petitioner's Counsel, since the said valuation was not affixed on the basis of principles adopted in making valuation for distress sales, the Recovery Officer has fixed the reserve price to the tune of Rs. 22.0 lacs. The reserve price fixed, by the Recovery, Officer was not challenged by either of the parties or any interested persons, hence, it attains finality.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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