2018 (7) TMI 1368

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...., SRI.K.SANTHOSH KUMAR (KALIYANAM), SRI.ADARSH KUMAR, SRI.BIJU VARGHESE ABRAHAM, SRI.DILEEP CHANDRAN, SRI.P.R.SREJITH, S.C, SRI.THOMAS MATHEW NELLIMOOTTIL, S.C AND SRI.GIRIJAN P.T.(ADVOCATE COMMISSIONER) JUDGMENT Petitioners 1 to 39 are employees/retired employees of M/s. United Tropical Veneers (Pvt) Ltd (hereinafter referred to as 'the Company' for short). The 40th petitioner is a works contractor. They approached this Court challenging the SARFAESI notice and recovery certificate issued by the DRT produced as Exts.P1 to P4 to recover the amount due to the Indian Overseas Bank. One of the prayers in the writ petition is that the petitioners may be permitted to purchase the property without any liability after fixing the amou....

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.... date for applying for AMNESTY Scheme was on 30.9.2017. However, the last date for payment of the amount was on 30.6.2018. The Company has now come forward to avail AMNESTY Scheme. It is to be noted that the auction purchaser deposited the entire amount with the Indian Overseas Bank in a non lien account. 4. The Tahsildar is the seisin of the matter as he had initiated proceedings under the Revenue Recovery Act as early as in 2008. This Court appointed an Advocate Commissioner to sell the property in auction to avert the conflict of sale being initiated by the revenue as well as the bank. The parties have not raised any objection to such recourse. 5. In fact, the Central Excise Department raised a claim over the property for recovery ....

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....ue to the Bank is around Rs.Six Crores and Forty One Lakhs. The balance amount shall be appropriated by the Bank subject to any claim made by the Company for one time settlement. The Company has filed an application to set aside the sale with a prayer that they may be allowed to wipe off the entire liability within three months. Therefore, the Company's request as above can be safeguarded in I.A.No.1068/2018 by allowing them to set aside the sale provided that the Company pays Rs.Four Crores and One Thousand along with 10% interest from the date of deposit by the auction purchaser till the Company clears the amount of the auction purchaser. However, it is made clear that it has to be done within three months from today. If the Company p....