2020 (12) TMI 1287

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....ocate for the petitioner that they have made numerous attempts to sell the property by way of auction and now there is a buyer who has offered to purchase the property and the entire exercise is required to be completed within 90 days. The matter is filed before the registry long back and if the aforesaid exercise is not completed within time limit, it would be again very difficult for the petitioner bank to find the buyer. It is also noted that the petitioner has filed two sets of the petition before the registry. Under the circumstances, office is directed to place this matter before Appropriate Division Bench on 11.12.2020." 2. Pursuant to the order passed by the learned Single Judge, referred to above, the ....

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.... auction, i.e., an immovable property in the form of factory land and building, situated at Revenue Survey No. 109 Paiki 1 of village Bhunava, Taluka: Gondal, District: Rajkot standing in the name of M/s. Shree Goverdhan Cotton Gin Pvt. Ltd. for industrial purpose, admeasuring 29745 square meters. Mr. Kavina pointed out that the Bank has been able to put the said immovable property to auction and has been able to fetch the sale price of Rs. 10 Crore. It is further pointed out that the auction purchaser has deposited 25% of the sale price. When time came for the auction purchaser to deposit the balance amount, it came to his notice that the VAT Department of the State Government has created a charge over the said immovable property, referred....