TaxTMI 
TaxTMI 
2021 (3) TMI 1310
X X X X Extracts X X X X
X X X X Extracts X X X X
....Majdoor Sangh' and Respondent No. 5-Mr. Rajendra Sharma with allied and ancillary directions after recording a finding that Respondent No. 3-Allahabad Bank had made it very clear to the Appellant to acquire the Unit No. 1 of the Corporate Debtor on 'as is where is basis, as is what is basis, whatever there is basis' which implied that it shall also acquire all the liabilities thereon. Feeling aggrieved, the Appellant has assailed the impugned order through the medium of instant appeal on grounds set out in the memo of appeal to which we shall be adverting to as we proceed further. 2. The brief facts which are required to be noticed for understanding the controversy involved at the bottom of the matter may be summarised as under: Company Petition No. (IB)35(ND)/2018 came to be filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 ("I & B Code" for short) on behalf of the Operational Creditor for initiating Corporate Insolvency Resolution Process (CIRP) against Corporate Debtor-'Anil Special Steel Industries Ltd.'. During the course of CIRP, Interim Resolution Professional (IRP) was replaced by Resolution Professional (RP) who, upon noticin....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t is contended on behalf of the Appellant that Appellant is the auction purchaser of the property in question owned by the Corporate Debtor prior to initiation of CIRP against the Corporate Debtor. The property was sold by Respondent No. 3 under provisions of Act, 2002. Since the Corporate Debtor had committed default in respect of financial debt, Allahabad Bank issued notice under Section 13(4) of the Act, 2002 which tantamounts to transfer. It is, therefore, contended that as on 01.11.2017, the Corporate Debtor had no right, title or interest in the said property. It is further submitted that the Allahabad Bank which issued the notice of sale of property on AS IS WHERE IS BASIS, AS IS WHAT IS BASIS, WHATEVER THERE IS BASIS, specifically made it clear that the property was free of encumbrances other than those specifically mentioned therein. It is further submitted that the Appellant submitted the bid along with earnest money deposit of Rs. 2.74 Crores for participating in e-auction. It happened on 15.12.2017. Allahabad Bank informed the Appellant about the demand letters from PF department, Income Tax Department and Employees. However, Allahabad Bank clarified that the claims/due....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ated 08.02.2018 passed by Senior Civil Judge Court and Chief Metropolitan Magistrate, Jaipur Mahanagar, the possession of the property has been handed over to the Appellant free from all encumbrances. Subsequently, it is submitted, CIRP commenced on 05.03.2018 and the Adjudicating Authority, admitted the Company Petition filed by the Operational Creditor against the Corporate Debtor. It is further submitted that on 10.09.2018, the IRP admitted the liabilities of the workers and employees and other liabilities pertaining to Unit No. 1 of the Corporate Debtor sold under the Act, 2002 prior to commencement of CIRP as liability of the Corporate Debtor. However, on instructions of Committee of Creditors (COC), RP filed application under Section 60(5) of the 'I & B Code' being IA 32/60 of 2018 before the Adjudicating Authority for determination whether it was the liability of Corporate Debtor or the Appellant/auction purchaser. This led to passing of the impugned order which is assailed by the Appellant herein. 4. Learned counsel for Appellant laid emphasis on the fact that the Adjudicating Authority had no jurisdiction as it could not pass orders in relation to prior transact....
X X X X Extracts X X X X
X X X X Extracts X X X X
....be borne by the prospective purchaser who was required to make own independent inquiry regarding the encumbrances/claim/liabilities. It is further submitted that the Appellant participated in the bid process being fully aware and conscious of the liabilities and encumbrances. With reference to correspondence between the Allahabad Bank and Appellant, it is pointed out that the Appellant, instead of backing out of the bid process after being fully aware of the liabilities and encumbrances unconditionally accepted the terms of the sale and it cannot be permitted to wriggle out of the liability notwithstanding the fact that it has unilaterally tried to resile from the terms and conditions of the sale. It is lastly pointed out that under Employees Provident Fund and Miscellaneous Provisions Act, 1952, the dues of EPF are an encumbrance on the 'establishment' and become first charge thereupon. Thus, it is submitted, the dues of EPF over Unit No. 1 were first charge over the unit only and same are an encumbrance on the said unit rendering the auction purchaser (Appellant) liable. 7. The sole issue for consideration in this appeal is whether the liability in respect of the worke....
X X X X Extracts X X X X
X X X X Extracts X X X X
....as sold to it in terms of Registered Sale Certificate dated 9th February, 2018 free from all encumbrances under the Act, 2002, it being submitted that the transaction of sale was complete and all earlier communications subsumed and culminated in the Registered Sale Certificate. Reference in this regard is made to Page 447 of the appeal paper book which is the Sale Certificate with following stipulations:- "..........The sale of the scheduled property was made free from all encumbrances known to the secured creditor listed below on deposit of the money demanded by the undersigned." 10. It is further submitted on behalf of the Appellant that the possession of the property was handed over to the Appellant on the same day free from all encumbrances in pursuance of order of Senior Civil Judge Court and Chief Metropolitan Magistrate, Jaipur Mahanagar dated 8th February, 2018. Reference in this regard is made to Page 450 of the appeal paper book which reveals that the Allahabad Bank, on behalf of consortium of four Banks, including the lender Allahabad Bank handed over possession to Appellant in pursuance of the court orders free from all encumbrances known to the secured cred....
X X X X Extracts X X X X
X X X X Extracts X X X X
....mercial tax of previous owner. 11. Respondent No. 4-'Prudent ARC Limited' which is the largest Financial Creditor of COC holding approx. 74.31% of the voting share refuted the contention of Appellant by submitting that both Allahabad Bank as well as the Appellant-auction purchaser were aware of the 'I & B Code' provisions having been enforced when the auction/sale was undertaken and the Appellant as made aware of the liabilities of Corporate Debtor before the issuance of Sale Certificate. Thus the sale proceeds were liable to be distributed in accordance with Section 53 of the 'I & B Code'. Reference is made to Page 388 of the appeal paper book to demonstrate that notice under Section 8 of the 'I & B Code' had been served upon the Corporate Debtor by the workers on 12th December, 2017 i.e. a week before the bid which was scheduled for 20th December, 2017. It is further pointed out that even prior to issuance of Sale Certificate on 9th February, 2018, the Corporate Debtor had admitted its dues before the Adjudicating Authority on 31st January, 2018 and both Appellant and Allahabad Bank being parties before the Adjudicating Authority were aware of t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....her emerges from record that the Appellant subsequently tried to resile from the terms and conditions of sale, obviously to wriggle out of the liabilities that it was liable to pay in terms of acceptance of offer purchase letter dated 21st December, 2017. This was sought to be done unilaterally on the pretext that in the event of Appellant having backed out, the EMD would have been forfeited. This explanation was neither realistic nor plausible. By proceeding to accept the offer purchase Appellant unconditionally accepted the terms of sale. Reliance placed by Appellant on the letters dated 30th December, 2017, 23rd January, 2018 and 29th January, 2019 that it was only informed of the liabilities, it being specifically stated that the same were not demanded by the Bank, would be of no consequence as such liabilities passed on to Appellant in terms of the acceptance of offer purchase and sale letter with no demand put up by the Bank for its recovery from Appellant-auction purchaser. In the face of bulk of evidence staring in the face of the Appellant assigning the liabilities to it, the Appellant could not be permitted to unilaterally back out of such liability. With express stipulat....
X X X X Extracts X X X X
X X X X Extracts X X X X
....and brought to the notice of auction purchaser remain undischarged. There is considerable force in the contention raised by Respondent No. 4 that dues of EPF are an encumbrance on the establishment and become first charge thereupon within the purview of Section 11(2) of the Employee's Provident Funds and Miscellaneous Provisions Act, 1952. Though the sale in auction proceeding was limited to Unit No. 1 while the Corporate Debtor owned two units, mere fact of common ownership of two units by the Corporate Debtor would not make it one establishment. The two units were separate and independent units treated so by EPFO with separate registration numbers allotted to these units. Therefore, EPFO dues over Unit No. 1 which was the subject of auction or sale under the Act, 2002 were the first charge over the unit only and the sale proceeds thereof could not be utilised by the Allahabad Bank without discharging the same. We are told that the Allahabad Bank has not joined issue in regard to this position and even made a part payment of about Rs. 17.51 lakhs as reflected at Page 456 of the appeal paper book. 18. Having dealt with the issue raised in this appeal in the context of materi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....from the time before the initiation of Corporate Insolvency Resolution Process ("CIRP") against corporate Debtor 'ASSIL'. The property was sold to the Appellant by Allahabad Bank, Respondent, No. 3 under the provision of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), vide sale certificate (under Rule 9(6) of Security Interest (Enforcement) Rules 2002) dated 9 February 2018, which was duly registered in the office of Sub Registrar, Jaipur on the same day. 21. The corporate Debtor owned two units, and the Appellant is the auction purchaser of Unit-1 of ASSIL. After the Sale of Assets of Unit-1 of the Corporate Debtor 'Anil Special Steel Industries Limited' under the SARFAESI Act by secured Creditor Allahabad Bank, the Application filed under Section 9 of the Insolvency and Bankruptcy Code 2016 was admitted by Order dated 5 March 2018 passed by the Adjudicating Authority. During the CIRP of the Corporate Debtor, the IRP, Mr. Brij Kishore Sharma, collated the claims and constituted the Committee of Creditors (in short, CoC). Later, on a resolution passed by the CoC, the Resolution Professional,....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rdingly, the Appellant had submitted its bid of Rs. 27,61,00,000 for the purchase of Unit-1 properties. It was sold to the Appellant "free from all encumbrances" under SARFAESI Act, 2002 vide Sale Certificate dated 9 February 2018, which was duly registered in the Registrar's office Jaipur on 9 February 2018. The Sale of unit 1 to the Appellant was completed before the insolvency commencement date of ASSIL under the Code. On 5 March 2018, the Adjudicating Authority admitted Company Petition (IB)-35(ND)/2018 filed under Section 9 of the Code against the corporate Debtor ASSIL and appointed Mr. Brij Kishore Sharma as IRP. 26. The Appellant contends that it was never involved in the Insolvency Resolution Process initiated against ASSIL. The Appellant has not made any claim against ASSIL. Therefore, the Appellant cannot be considered a corporate person about the CIRP of ASSIL. The Appellant is entirely unaware of the details of the Resolution Process. 27. The Appellant further contends that IA was not maintainable as the directions being sought may affect the third party's fastening liability, which was not ever connected with the CIRP of ASSIL under the Code. The Adjudic....
X X X X Extracts X X X X
X X X X Extracts X X X X
....me would be a charge on the assets/sale proceeds of the auction of the establishment and may become the individual liability of Respondent No. 3. 31. It is further contended that Rs. 17,51,325/- has been paid by Respondent No. 3 Allahabad Bank from the Sale's proceeds. The Counsel for Respondent No. 4 also contends that having become aware of the said dues, Respondent No. 3 informed the intending purchaser, i.e. Appellant, vide letter dated 19 December 2017, i.e. before the intimation of the bidding process. The said letter mandated the bidder to analyse the situation and satisfy itself about the property dues prior to the bid. The relevant portion of the said letter is as under; "this has reference to a bid admitted on 15 December 2017 along with an EMD of Rs. 2.74 crores for participating in E-auction for account M/s. Anil Special Steel Industries Limited. In this regard, you being the intending buyer, we would like to inform you that we have received the following demand letters from the PF department and income tax department, which is as below; 1. The recovery of the PF department of Rs. 17,51,325 (current dues) and the disputed amount of Rs. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Appellant by Allahabad Bank under the provisions of the SARFAESI Act. Simultaneously, the sale certificate dated 9 February 2018 was issued and was duly registered in the Sub-Registrar office on the same day. 36. Learned Counsel for the Appellant contends that upon default by ASSIL, Respondent No. 3-Allahabad Bank issued notices to ASSIL under section 13(2) of the SARFAESI Act on 1 November 2017, after that, on 15 November 2017, under Section 13(4) of the SARFAESI Act. By implication of Section 13(4) of the SARFAESI Act, once the Bank has taken over the possession, the Corporate Debtor loses its right to the property. 37. Section 13 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'SARFAESI Act') is mentioned below for ready reference; 13. Enforcement of security interest.--(1) Notwithstanding anything contained in Section 69 or Section 69-A of the Transfer of Property Act, 1882 (4 of 1882), any security interest created in favour of any secured creditor may be enforced, without the intervention of the court or tribunal, by such creditor in accordance with the provisions of this Act. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....- (a) take possession of the secured assets of the borrower including the right to transfer by way of lease, assignment or Sale for realising the secured asset; 3[(b) takeover the management of the business of the borrower including the right to transfer by way of lease, assignment or Sale for realising the secured asset: Provided that the right to transfer by way of lease, assignment or Sale shall be exercised only where the substantial Part of the business of the borrower is held as security for the debt: Provided further that where the management of whole of the business or Part of the business is severable, the secured creditor shall take over the management of such business of the borrower which is relatable to the security for the debt;] (c) appoint any person (hereafter referred to as the manager), to manage the secured assets the possession of which has been taken over by the secured creditor; (d) require at any time by notice in writing, any person who has acquired any of the secured assets from the borrower and from whom any money is due or may become due to the borrower, to pay the secured creditor, so much of the mon....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ction 529 of the Companies Act, 1956 (1 of 1956), may retain the sale proceeds of his secured assets after depositing the workmen's dues with the liquidator in accordance with the provisions of Section 529-A of that Act: Provided also that liquidator referred to in the second proviso shall intimate the secured creditor the workmen's dues in accordance with the provisions of Section 529-A of the Companies Act, 1956 (1 of 1956) and in case such workmen's dues cannot be ascertained, the liquidator shall intimate the estimated amount or workmen's dues under that section to the secured creditor and in such case the secured creditor may retain the sale proceeds of the secured assets after depositing the amount of such estimated dues with the liquidator: Provided also that in case the secured creditor deposits the estimated amount of workmen's dues, such creditor shall be liable to pay the balance of the workmen's dues or entitled to receive the excess amount, if any, deposited by the secured creditor with the liquidator: Provided also that the secured creditor shall furnish an undertaking to the liquidator to pay the balance of the workm....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the highest bidder shall be issued after obtaining necessary orders/directions from the Competent Authority/Court/Tribunal. 42. In pursuance of information about the dues of Provident Fund, Income Tax Department, and Employees Dues, the Appellant submitted a letter before the Chief Manager, Allahabad Bank, annexed with the appeal paper book at page No. 396. It also appears that when the information was given to the Appellant about the outstanding dues against the Corporate Debtor, then the Appellant requested the Bank to either cancel the entire bid process and refund the security or start the bid process and issue a letter of acceptance to the successful bidder and accept the balance amount (25% of the bid amount). 43. However, the Bank conducted an e-auction on 20 December 2017, wherein the Appellant submitted the highest bid of Rs. 27,61,00,000. After that, on 21 December 2017, Allahabad Bank issued acceptance of the offer of purchase and informed that since claims/dues are yet to be crystallised by the Competent Authority/Court, the sale certificate will be issued after obtaining the necessary order/direction from the Competent Authority/Court/Tribunal. On 26 December 201....
X X X X Extracts X X X X
X X X X Extracts X X X X
....mpugned Order dated 1 October 2019 held that the workers' claims are to be borne by the Appellant, i.e. Auction Purchaser. 47. It is pertinent to mention that based on the chronology of events, it is clear that the Allahabad Bank auctioned immovable property along with plant and machinery of Unit - 1 of the Corporate Debtor ASSIL under SARFAESI Act, 2002 and the Sale Certificate was issued on 9 February 2018. CIRP commenced against the Corporate Debtor ASSIL on 5 March 2018. The most important question that arises for our consideration is whether the Adjudicating Authority, while exercising its powers under the I & B Code, 2016 had any authority to fasten the liability of the Corporate Debtor on the auction purchaser whom the property was sold before the commencement of CIRP. 48. Hon'ble Supreme Court decision in case of Embassy Property Developments (P) Ltd. v. the State of Karnataka, (2020) 13 SCC 308 is very relevant. In this case, Hon'ble the Supreme Court has held; "32. In contrast, sub-sections (4) and (5) of Section 60 of the IBC, 2016 give an indication respectively about the powers and jurisdiction of the NCLT. Section 60 in entirety reads as fol....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... has been made under this Part, the period during which such moratorium is in place shall be excluded." 33. Sub-section (4) of Section 60 of the IBC, 2016 states that the NCLT will have all the powers of the DRT as contemplated under Part III of the Code for the purposes of sub-section (2). Sub-section (2) deals with a situation where the insolvency resolution or liquidation or bankruptcy of a corporate guarantor or personal guarantor of a corporate debtor is taken up, when CIRP or liquidation proceeding of such a corporate debtor is already pending before NCLT.The object of sub-section (2) is to group together (A) the CIRP or liquidation proceeding of a corporate debtor, and (B) the insolvency resolution or liquidation or bankruptcy of a corporate guarantor or personal guarantor of the very same corporate Debtor, so that a single forum may deal with both. This is to ensure that the CIRP of a corporate debtor and the insolvency resolution of the individual guarantors of the very same corporate Debtor do not proceed on different tracks, before different fora, leading to conflict of interests, situations or decisions. 38. It was argued by all the learned Senior Coun....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... ownership rights, subject to the determination of ownership by a court or other authority. In fact an asset owned by a third party, but which is in the possession of the corporate Debtor under contractual arrangements, is specifically kept out of the definition of the term "assets" under the Explanation to Section 18. This assumes significance in view of the language used in Sections 18 and 25 in contrast to the language employed in Section 20. Section 18 speaks about the duties of the interim resolution professional and Section 25 speaks about the duties of resolution professional. These two provisions use the word "assets", while Section 20(1) uses the word "property" together with the word "value". Sections 18 and 25 do not use the expression "property". Another important aspect is that under Section 25(2)(b) of the IBC, 2016, the resolution professional is obliged to represent and act on behalf of the corporate Debtor with third parties and exercise rights for the benefit of the corporate Debtor in judicial, quasi-judicial and arbitration proceedings. Sections 25(1) and 25(2)(b) reads as follows: "25. Duties of resolution professional.--(1) It shall be the duty of the....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... IRP was authorised to take over its assets. But the property, which was already sold/auctioned before initiation of the CIRP and Sale Certificate dated 9 February 2018, was finally issued in pursuance of the Order of the Senior Civil Judge Court and Chief Metropolitan Magistrate Court Jaipur, was not the property of the Corporate Debtor. The auction purchaser was a third party which had no concern with the Corporate Insolvency Resolution Process of the Corporate Debtor, ASSIL. Thus, the corporate Debtor's liability can't be fastened on the third party, which happens to be a stranger to the CIRP of the Corporate Debtor and that too by exercising powers as an Adjudicating Authority u/s. 60(5) of the I & B Code 2016. 51. It is contended by the Appellant that the property of the Corporate Debtor ASSIL was sold, and the sale process was completed before initiation of CIRP under the Code. Therefore, the Adjudicating Authority exercising powers under the I & B Code had no jurisdiction to pass an order to fasten the Corporate Debtors' liability on the Appellant. 52. It is pertinent to mention that proviso to Section 13 of the SARFAESI Act deals with the eventuality of a ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....an undertaking to the liquidator to pay the balance of the workmen dues if any. Thus, it is clear that if a company is being wound up and the secured creditor of such a company opts to realise his security, then the secured creditor has authority to retain the secured assets' sale proceeds after depositing the workmen's dues. 54. In the instant case, Allahabad Bank is a secured creditor of ASSIL which has auctioned the secured assets of the Corporate Debtor. There is not an iota of doubt that the alleged auction sale was under SARFAESI Act. Therefore, the Adjudicating Authority/National Company Law Tribunal had no authority to fasten the Corporate Debtors liability on the auction purchaser. In the case where the Sale is made under the SARFAESI Act, then after completing the sale process and issuance of the Sale Certificate, the Adjudicating Authority had no authority to pass an order U/s. 60(5) of the Code. 55. The Learned Counsel representing Prudent ARC contended that Section 238 of the Code and Section 60(5) also contains the non-obstante clause, which reads as "notwithstanding anything contrary to any other law for the time being in force, the National Company Law....
X X X X Extracts X X X X
X X X X Extracts X X X X
....orrespondence became the Sale's terms, and the liabilities formed Part of the Sale and are no longer admissible against the Corporate Debtor. Further, the dues of EPF are an encumbrance on the unit/establishment. Under section 11(2) of The Employees Provident Fund Act, the dues of EPF are encumbrance on the establishment and becomes the first charge thereupon. 59. It is also pertinent to mention that in the instant case, the entire process of auction sale was completed before the commencement of the Corporate Insolvency Process against the Corporate Debtor ASSIL. Given the law laid down by the Hon'ble Supreme Court in Embassy property (supra), it is clear that Resolution Professional cannot short-circuit the process, to bring a claim before the NCLT taking advantage of Section 60(5) of the Code. 60. Therefore in the light of the statutory scheme, as culled out from various provisions of the IBC 2016, it is clear that whenever the Corporate Debtor has to exercise a right that falls outside the purview of IBC 2016, especially in the realm of public law, they cannot, through the Resolution Professional, take a bypass and go before the NCLT for the enforcement of such a r....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Act, 2002 (No. 54 of 2002) Auction No. ALB/MIRD/210177/2017-18/430 Dated: 15.11.2017 Whereas the Authorized Officer of Allahabad Bank had taken possession of the folowing propertylies pursuant to the notice issued under Sec 13(2) of the Securitizon and Reconstruction of Financial Asants and Enforcement of Security Interest Act, 2002 in the following an account with apht to sol the same on "AS IS WHERE IS BASIS, AS IS WHAT IS BAS, WHATEVER THERE IS BASIS" for realization of Bark's dues plus interest as detailed herunder and whereas oquent upon fiture to ebay the dies, the undersigned in exercise of pavaraadfered under Section.134) of the said propose to reate the Bank's dues by sale of the sad propertyflies The Sale will be done by the undersigned through e-auction platform provided at the website htponger set (Alse Auction Tiger Meleep) on 20/12/2017 at 11:00 AM to 12.00 PM Name of Acmunt No. Proprietor Partner Director & Guarantors With father's Name of Brasch of the Bank presently where aconunt of the borrower if maintain Description of the Charged Secured creditor's Outstanding under e-auction ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....PY 21/4/2017 (111) گر כון 57 the caning the Gur Terms and Contra&ine pubche in the follow webebige pote ntra.www.abobook (2) www.tenders.gov.in (3) atsak actionbger.net 11. The intending participants of e-auction may downinad free of cost copies of the Sale Notice, Terms & Conditions of eucion, Help Manual an operationel part of E-Auctiur: & Process Compliance Form related to this e-Auction from above mentioned web sites/web site of service provider / E-Procurement Techologies Limited fuckin 12 For the purpose of participation in e-auction the bidder must have a valid Digital Signature Certificate (PSC Class II & above) Any intending bidder, presently not having DSC may procure it from any Licensed Certifying Authority authorized under Section 24 of the Indian 1.T. Act 2000 (CA). 13. Interested bidders may first login on above mentioned a-auction portal of the Service Provider & cn lite register as one of the participants for e-Auction, download Process Compliance Form (PCF) & after filling it(PCF) properly may submit the same along with EMD with the Authorised Officer as specified above ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t or any presertation of the bank. The Authorised Officer/ Secured Creditor shall not be responsible in any way for any third pany came rights: duos other than mentioned above (if any) 21. For the benefit of the intending b cdors, the Bank has set up a Facilitation Centre at the following acdress. The prospective bidders may avail the assistance of the Facilitation Centre to understand the process of e-Auction, if quired.. (If facilitation Centre not set up, then please delete it.). Address of Facilitation Centre: Allahabad Bank Jaipuria Mension,Panch Bati, MI Road,JAIPUR (302001), RAJASTHAN Contact Person: Mr. C.R Sopat(Phone Moole number:-95606 19795) Date: 1. 11. 2017 Place: Jaipur Authorised officer Allahabad Ban TRUE COPY Mharal 2 Document 2 Dear Sir, 138 ALLAHABAD BANK 78 Branch: M.I. Road, Jaipur M/s. Tarun International Limited Registered Address-5037, Excelsior Cinema Street Sirkiwalan, New Dedli-110006 Dated: 21/12/2017 Accepartance of offer purchase of Industrial Land along with the plant & Machinery situated at Khasra No. 317. Village Pithawas, Badarama. Area 20 Bigha 13 Biswa (12.90 a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....dated 21.11.2017,07.12.2017,14.12.2017 regarding non-payment of three month salary under industrial dispute matter b) Legal notice under section 8 of insolvency and bankruptcy code dated 01.12.2017 received from Aruna Gupta(lawyer) c) Legal notice dated 08.12.2017 received from Mahendra Orthopedic centre through advocate Narendra Kumar Sharma d) Form-5 dated .12.2017 for filing application under NCLT by Rajender Sharma Representative of group of employees of M/s Anil Special Steel Industries Ltd through Advocate Aruna Gupte e) Legal notice from M/s Anjalt enterprises, Vijay industries, M/s Champalal Agriculture works through Advocate Abhishek Khandelwal & Associates With reference to our aneve referred lenes a. JPRMIRU/ADV/2017-13 and email dated 19.12.2017, in which was informed you that "Since the claim/ dues are yet to be crystallized by the Conperen: Authority/ Court, the Sale Certificate will be issued in favour of you ater abtaining necessary.ordersi.direction from the Competent Authority/ Court/Tribunal" That all Liabilities (Statuary/ether dues, if any) or the above mentioned assets, known/u....
X X X X Extracts X X X X
X X X X Extracts X X X X
....llowing propertylies pursuant to the notice issued under Sec 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 in the following loan account with right to sell the same.cn "AS IS WHERE IS BASIS, AS IS. WHAT IS BAS, WHATEVER THERE IS BASIS for realization of Bank's dues plus interest as detailed hereunder and whereas, quent upon fattore to repay the cues, the undersigned in exercise of power confered under Section. 13(4) of the said 1 proposes to realize the Bank's dues by sale of the said property/fies. The Sale will be done by the undersigned through e-auction platform provided at the website there (An Action Tiger Mohal on 20/12/2017 at 11:00 AM to 12.00 P.M Sr. No. Name of Account/ Borrower Proprietor/Partner/ Director & Guarantors With husband's na Name of Branch of the Bank presently where senast of the borrower if maintain Description of the Chergel assets put under e-auction Secured creditor's Outstanding Dues EMD & Details of the Reserve encumbrance Price below known to the which Any thing the other wh....
X X X X Extracts X X X X
X X X X Extracts X X X X
....11/2016 from State Rank of Indis (E-SBBJ) and further debits to the counts plus cost Upto 21.11.2016 plus interest there wer 21.11.2016 further debits to the accounts plan cau Rs 27.36 Cr Rs.2 Cr dues of Local Self Gov any other embrance known to bank Other Liabilities (Statuary Oth er dues, if any) of the property but under E- auction as mentioned i in this notice will be borne by the prospective регезивет. TRUE COPY (114) 21/2/2019 श (117 $7 stence containing the Guneral Terms and Conditions Salsas inble pubished in the following webuses webpage portal hps://www.allahabadbank.in (2) bs./www.lenders.gov.in (3) httpsallahabadbank auctiontiger.net 11. The intending participants of e-auction may download free of cost, copies of the Sale Notice. Terms & Conditions of e-auction. Help Manual on operational part of E-Auction & Process Conpliance Form related to this e-Auction from above mentioned web sites/web site of service provider M/S E-Procurement Technologies Limited (Auction Liker) 12. For the pur....