Madras High Court
M/S.Rmr Spinning Mills Pvt Ltd vs Authorised Officer on 11 June, 2018
Author: S.Manikumar
Bench: S.Manikumar, Subramonium Prasad
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED: 11.06.2018
CORAM:
THE HONOURABLE MR.JUSTICE S.MANIKUMAR
and
THE HONOURABLE MR.JUSTICE SUBRAMONIUM PRASAD
W.P.No.12099 of 2018
and W.M.P.No.14102 of 2018
M/s.RMR Spinning Mills Pvt Ltd.,
Represented by its Managing Director,
Shri Mr.R.Jagadeeswaran,
S/o.R.M.Rajamanickam,
No.14, 14 A, Thennampalayam Extn Cross Street,
Tiruppur 641 604. .. Petitioner
Vs.
1. Authorised Officer,
Corporation Bank,
Industrial Finance Branch,
1604, Trichy Road,
Coimbatore 641 018.
2. Corporation Bank,
Industrial Finance Branch,
1604 Trichy Road,
Coimbatore 641 018. .. Respondents
Prayer: Writ Petition filed under Article 226 of the Constitution of India seeking a Writ of Certiorarified Mandamus, calling for the records of the respondent herein e-auction proceedings sale notice OR/CBE/REC/15/2018-19, on 26.04.2018 scheduled on 24.05.2018 is illegal and quash the same and consequential direction or nature of direction directing the respondents to considered the petitioner's representation dated 02.02.2015 under the one time settlement scheme.
For Petitioner : Mr.Rajendra Prasad
For Respondents : Mr.N.Sivabalan
for Sethuraman
- - - - -
O R D E R
(Order of the Court was made by S.MANIKUMAR, J.) Impugned e-auction sale notice dated 26.04.2018, issued by the Corporation Bank, is extracted hereunder:-
Sale of Movable/Immovable Assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 Whereas the Authorised Officer of Corporation Bank had taken possession of the following secured assets pursuant to notice issued under Sec. 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) for recovery of the secured debts of the secured creditor, for the dues as mentioned herein below with further charges and cost thereon from the following borrowers/guarantors. Public at large is informed that e-auction (Under SARFAESI Act) of the following property forrealization of the debts due to the Bank will be held on "As is Where is" and "As is What is" Basis and on the terms and conditions specified herein below:
Borrower: M/s. RMR SPINNING MILLS PVT LTD, No.643/2B, Kuluthupalayam, Lakshmi Kayanamandapam Road, Palladam Road, Tirupur 641605 Guarantor:1. Mr. Jagadeeswaran, D.No.14 and 14 A, Old T.S.No.201/1, New T.S.No.287/1B/10/4, Thennampalayam Extn, Cross Street, Tiruppur 641604
2. MR.R M Rajamanickam; D.No.14 and 14 A, Old T.S.No.201/1, New T.S.No.287/1B/10/4, Thennampalayam Extn, Cross Street, Tiruppur 641604;
3. Mrs.R. Logambal, D.No.14 and 14 A, Old T.S.No.201/1, New T.S.No.287/1B/10/4, Thennampalayam Extn, Cross Street, Tiruppur 641604 Debt Due : Rs.17,09,60,544.89 as on 31/03/2018 with further interest, cost & expenses Secured Creditor: Corporation Bank, Coimbatore IFB Date of Demand Notice: 17/10/2013 and date of Possession:06/01/2014 EMD-(a) Rs.12.60 Lakh (b) Rs.7.90 Lakh (c) Rs.0.85 Lakh (d)Rs.0.65 Lakh Account No.056200201001603; IFSC Code CORP0000562 Reserve Price: Property (a) Rs.126.00 Lakh (b)-Rs.79.00 Lakh ) Rs.8.50 Lakh (d) Rs.6.50 Lakh Bid incremental value Rs.50000.00 Description of the property:
Property a):-
All that piece and parcel of Land measuring 3600 Sq. Ft. and Residential building constructed therein at Door No.14-14A, T.S.No.287/1B/10/4, Site No.3, S.F.No.201/1 In Tirupur Registration District, Tirupur Joint II Sub Registration District, Tirupur Taluk, Tirupur Municipal Town, earlier in Ward No.19, presently Ward No.29, Thennampalayam Cross Street, Tirupur in the name of Mr.R.M.Rajamanickam Property b):-
All that piece and parcel of residential Plot to the extent of 4791.55 Sq. Ft. at TS No.13 & 16/1, in Tirupur Registration District, Tirupur Joint II Sub Registration District, Tirupur Municipal Town Ward No.34, Ramegounder Layout Extention, Nallur Village, Tirupur in the name of Mr.R.M.Rajamanickam Property c):
All that piece and parcel of vacant land to the extent of 4800 sq.ft with right to use all common usual pathways at SF.No.594/6, 595/5 and 607/3 and site No.227,302,262 and 263 Sri Balaji Nagar, Madampor Village, Palladam Taluk, Tirupur District in the name of Mrs.R.Logambal Property d):
All that piece and parcel vacant Land to the extent of 3735 sq.ft with right to use all common usual pathways at SF.No.594/6, 595/1 and 607/3 in the name of Sri Balaji Nagar. In this site No.226 & site No.303 Sri Balaji Nagar, Madampor Village, Palladam Taluk, Tirupur District in the name of Mr.R.Jagadeeswaran Date of Inspection: Between 30/04/2018 to 23/05/2018 with prior appointment from the Branch Manager (Mr Prabhat Kumar: 94425 05688) TERMS AND CONDITIONS:
(1) E-Auction is being held on AS IS WHERE IS & AS IS WHAT IS BASIS and will be conducted On Line.
(2) The E-auction will be conducted through portal, https://bankauctions.in on 24/05/2018 from 11.30 AM to 12.30 PM with unlimited extension of 5 Min.
(3) For detailed procedure and terms and conditions of E-Auction, interested bidder may visit https://bankauctions.in & download business rule document.
(4) The intending purchaser/bidder is required to submit EMD by way of demand draft or NEFT/RTGS in the above mentioned respective account of Authorised Officer, Corporation Bank on or before 23/05/2018, 03.30 PM and register their name at https://bankauctioins.in and get user ID and password free of cost and get training / on-line training on E-Auction from M/s.4closure, Hyderbad. Intending bidders shall hold a valid e-mail address. For details, please contact M/s.4closure, Hyderabad. Contact details: 08142000062/66/67 and +91-9515160063 (Mr. S. Ganesh) Email id: [email protected] and [email protected] (5) To the best of Information Knowledge of the Authorised Officer, there is no encumbrance on the property. However the intending bidders should make their own independent enquires regarding the encumbrances, title of the property put on auction and the claims / rights / dues affecting the property, prior to submitting their bid. The E Auction advertisement does not constitute and will not be deemed to constitute any commitment or any representation of the Bank to sell the property. The Authorised Officer / Secured Creditor shall not be responsible in any way for any third party claims/rights/dues.
(6) The person declared to be the successful bidder shall deposit 25% (twenty five percent) of sale price, less EMD deposited immediately and remaining amount shall be paid within 15 days from the date of confirmation of Sale.
(7) Bank reserves the right to cancel the sale for any reason it may deem fit or even without assigning any reason thereof.
(8) This publication is also to be treated as 30 days notice to the borrower and the guarantor.
(9) On receipt of the entire sale consideration the Authorised Officer will issue Sale Certificate and sale will be complete thereafter and the Bank shall entertain no claims.
(10) Nothing in this notice constitutes or shall be deemed to constitute any commitment or representation on the part of the bank to sell the property. Bank reserves the right to cancel the sale for any reason it may deem fit or even without assigning any reason and such cancellation shall not be called in question by the bidders.
(11) The Bank reserves its right to accept, reject any or all bids at any stage and vary, modify and waive any condition of sale in its absolute discretion.
Date & Time of Auction : 24/05/2018, 11.30 AM to 12.30 PM (with 5 min unlimited auto extensions)
2. Record of proceedings of this Court, shows that while ordering notice of motion, a Hon'ble Division Bench of this Court vide order dated 09.05.2018, has stayed the sale notice till 08.06.2018 and directed the Registry to post the matter on 08.06.2018 and thus it is listed today.
3. Counter affidavit has been filed by the respondents.
4. Sale has been fixed on 24.05.2018. Consequent to stay, sale has not been effected. Sale notice has become infructuous and therefore writ petition is dismissed. Consequently, the connected miscellaneous petition is closed. No costs.
[S.M.K., J.] [S.P., J.]
11.06.2018
kk
To
1. Authorised Officer,
Corporation Bank,
Industrial Finance Branch,
1604, Trichy Road,
Coimbatore 641 018.
2. Corporation Bank,
Industrial Finance Branch,
1604 Trichy Road,
Coimbatore 641 018.
S.MANIKUMAR, J.
AND
SUBRAMONIUM PRASAD, J.
kk
W.P.No.12099 of 2018 and
W.M.P.No.14102 of 2018
11.06.2018