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ING Vaisya Bank Ltd vide letter dated 31 July 2013 informed the Recovery Officer that they have auctioned the assets of the borrower company in 2009 under SARFAESI Act 2002 which were mortgaged to Bank against the credit facility granted. The sale proceeds were appropriated in the concerned loan account and as of now there is no surplus amount with them to remit the EPF dues. It was further stated that the sale proceeds likely to be fetched shortly by UPFC from the sale of the main factory comprising of land, building, plant and machineries belonging to the borrower company which presently are under the physical possession of the UPFC, which is having first charge and the ING Vaisya Bank Ltd is having second charge. The EPF dues has to be sought from the sale proceeds being undertaken by UPFC.