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2. List on 04.04.2025."

5. Thereafter, report of ITCOT dated 15.04.2025 was received, as per which incidentally, the property ad-measures 12.55 acres and not 10.5 acres. The following order was passed on 17.04.2025:-

"We have perused the valuation of ITCOT of the subject property i.e. at Chokkampatti, Poigai Village ad-measuring 12.55 acres and find that the distress valuation of ITCOT in March 2023 is of an amount of Rs.151.64 crores.
2. In April 2025 ITCOT indicates a fall by https://www.mhc.tn.gov.in/judis ( Uploaded on: 08/07/2025 02:04:30 pm ) around 50% and the distress valuation of the same property is Rs.81.35 lakhs only.
3. We are unable to appreciate the fall in value as even if computed on distress terms, there has only been an appreciation in the value of the property as may be seen from a comparison of the guideline values between March 2023 and April 2025.
4. Let a clarification be obtained from ITCOT and placed before the Court on 03.06.2025.
5. List on 03.06.2025."

6. The OL has filed report on 02.06.2025, wherein they had taken the matter up with ITCOT to furnish the clarification sought for.

The explanation furnished by ITCOT on 07.05.2025 is as follows:-

Information Provided in Valuation Information Provided in Valuation Report 2023 Report 2025 Considering the above observations Considering the above observations regarding the subject land, ITCOT has regarding the subject land, ITCOT has determined the Fair Market Value and determined the Fair Market Value and Distress Sale Value as follows: Distress Sale Value as follows:-