FIRDOUS AHMAD BHAT Vs. UT OF J&K

JUDGEMENT

(1.) The facts those stem out from the instant petition would reveal that the respondent 2 while acting through the respondent no. 3 issued/published a notice in a newspaper on 18/10/2015 therein offering for sale by auction of a Small Scale Industrial Unit, namely, M/s Mubarak Pharmaceuticals set up at Industrial Estate Khonmoh, Srinagar (hereinafter referred to as "the Unit"). The said notice is stated to have been followed by another notice dtd. 10/11/2015 in order to maximize the sale price of the Unit.

(2.) The petitioner herein is stated to have responded to the Notice/s (supra) and made an offer for purchase of the Unit for a price of Rs.38,25,607.00vide letter dtd. 17/11/2015 along with an amount of Rs.76,513.00 being 2% of the requisite bid amount by way of a CDR. The bid amount offered by the petitioner is stated to have been enhanced during the negotiations to the tune of Rupees Forty Lacs and duly accepted by the respondent 2 as sale consideration for the Unit vide communication dtd. 30/11/2015.

(3.) It is being stated that the petitioner deposited the bid amount of Rupees Forty Lacs for purchase of the Unit in question under and in terms of Sec. 29 of the Jammu and Kashmir State Financial Corporation Act, 1951 (for short, Act of 1951) vesting all rights in/to the property unto the petitioner, whereupon the respondent 3 is stated to have called upon the respondent no. 8 to transfer the lease hold rights of the Unit in favour of the petitioner.