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Madhya Pradesh High Court

Senior Manager,Uco Bank vs M/S Zoom Developers (Pvt) Ltd. on 2 September, 2024

Author: Subodh Abhyankar

Bench: Subodh Abhyankar

                                                                 1                                      COMP-9-2011
                                       IN THE HIGH COURT OF MADHYA PRADESH
                                                     AT INDORE
                                                          COMP No. 9 of 2011
                                       (SENIOR MANAGER,UCO BANK Vs M/S ZOOM DEVELOPERS (PVT) LTD. )



                           Dated : 02-09-2024
                                 Parties through their counsel.

                                 Heard on I.A. No.5497/2024, which is an application filed by the Ex-
                           Directors of the Company, seeking the following reliefs:-


                                     "The Applicant humbly prays that:
                                     1. The sale certificate dated 19.01.2024 issued in favour of M/S
                                     Sunview Assets Private Limited and sale Deed dated 27.03.2024
                                     executed in favour of M/s. Sunview Assets Pvt. Ltd. by Union Bank of
                                     India be quashed as being against the order of Hon'ble Supreme Court
                                     dated 04.10.2023 passed in M.A. 1735 of 2022 and against rule 9 of
                                     the Security Interest (Enforcement) Rules 2002.
                                     2. That this Hon'ble Court may be pleased to pass an order to restrain
                                     and restrict the respondent M/S Sunview Assets Pvt. Ltd. deal with the

subject property for the purpose of sale, exchange, Gift, Mortgage, development and to create any third party rights on the above and to maintain status quo on the subject property situated at House No.-7 (Old No. 3A) admeasuring 109754 sq. ft. at Manoramaganj, Indore, land bearing survey no. 168 and 169 (new survey No. 306 and 307 of village Palasia, tehsil and District Indore).

3. To direct the bank to restore the situation ante as existed on 30.04.2022 immediately.

4. To direct the OL, to represent Zoom Developers Pvt. Ltd. the company-in-liquidation before DRT-I, Mumbai in Securitization Applications numbered SA/56/2022 and SA/119/2019.

5. To direct Union Bank of India, to declare on affidavit, that under which specific provision of law, the sale certificate and the sale deed was issued to M/S Sunview Assets Private Limited.

6. To pass any other order that this Hon'ble Court thinks fits in the facts and circumstances of the present case. "

2. The aforesaid application has been filed by the Ex-Directors, pursuant to an order passed by the Supreme Court in M.A. No.1735/2022 (Civil Appeal No.1902/2020) dated 04.10.2023, in which the application, filed by the auction purchaser for issuance of sale letter by the Union Bank Signature Not Verified Signed by: BAHAR CHAWLA Signing time: 02-09-2024 17:55:24 2 COMP-9-2011 of India, has been rejected. However, pursuant to the aforesaid order, the Union Bank has issued the sale certificate and thus, the contention of the applicant is that the order passed by the Supreme Court has been flouted by the Bank, as also by the auction purchaser and thus, the present application has been filed.

3. Counsel appearing for the Bank, on the other hand, has opposed the prayer and the attention of this Court has also been drawn to the fact that a similar relief has also been sought by the applicant before the Bombay High Court in W.P. No.18098/2024, in which an interim order has already been passed in favour of the applicant on 02.07.2024 and identical relief has also been prayed by the applicant before the Supreme Court by way of separate application on 13.07.2024 and thus, it is submitted that no interference is called for.

4. Counsel appearing for the Official liquidator has also opposed the prayer and it is submitted that the auction which has taken place, is in respect of another Company, namely, Rajat Infra, which is not the Company under liquidation. Thus, it is submitted that no further order may be passed.

5. On due consideration of submissions and on perusal of the documents filed on record, as also the order passed by the Supreme Court in M.A. No.1735/2022 (Civil Appeal No.1902/2020), as also the order passed by the Bombay High Court on 02.07.2024, this Court is of the considered opinion that no further order is required to be passed by this Court and the applicant should be at liberty to raise all the grounds before the Supreme Court.

3 COMP-9-2011

6. Accordingly, I.A. No.5497/2024 stands dismissed and disposed of.

7. In the light of the aforesaid order, I.A. No.5171/2024 is also disposed of.

8 . I.A. No.5496 of 2024 which is an application for urgent hearing during vacation, stands disposed of.

9. Let the matter be listed on 23.09.2024.

(SUBODH ABHYANKAR) JUDGE Bahar Signature Not Verified Signed by: BAHAR CHAWLA Signing time: 02-09-2024 17:55:24