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TMI Blog2019 (5) TMI 1075X X X X Extracts X X X X X X X X Extracts X X X X ..... rtment and submit the report of the total land an extent acs. 32.37 gts. and structures in Sy. Nos. 3/1, 4/1, 5/1, 7/1, 3/2, 4/2, 9/2, 6/U and to fix the boundary stones/fence as two bits/two lots by dividing them separately, i. e., (i) land consisting of acs. 25.00 gts. were mortgaged to first respondent/ M/s. Reliance Asset Reconstruction Co. Ltd., and (ii) balance land to an extent of acs. 7.37 gts. to the second respondent/State Bank of Bikaner and Jaipur. (iii) Order the costs of this application do come out of the assets of the company." 2. This court by interim order dated May 2, 2018 directed the respondents not to proceed with sale of landed property together with structures of the company in liquidation situated at Yawapur village, Sadasivpet mandal, Medak District, for a period of twelve weeks. The said interim order was extended from time to time and on September 18, 2018 it was extended until furthers. 3. The first respondent-Asset Reconstruction Company, had acquired a part of the asset from the secured creditor-Central Bank of India under the SARFAESI Act. The second respondent-State Bank of India, is the secured creditor of the assets of the company in liquidati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . No. 2 of 2018 in C. A. No. 222 of 2018 in C. P. No. 67 of 1999, is filed by one M/s. Kontham Trading Co., represented by its authorized signatory K. Rajesh, having office at plot No. 57, IDA Nacharam, Hyderabad, seeking to implead as respondent No. 3 in C. A. No. 222 of 2018. 8. I. A. No. 3 of 2018 in 2018 in C. A. No. 222 of 2018 in C. P. No. 67 of 1999, is also filed by the petitioner in I. A. No. 2 of 2018, offering to purchase the land of the company in liquidation, which was put in public auction, for a price of Rs. 4,66,00,000 which according to it, is substantially higher price, as against the sale price of Rs. 3,42,00,000 at which the first respondent-company sold the property. 9. Learned counsel appearing for the petitioners in I. A. Nos. 2 and 3 also would submit that to show the bona fides, the petitioner in these interlocutory applications, is ready to deposit 30 per cent. of offer price of Rs. 4,66,00,000. 10. As noted above, the company in liquidation filed I. A. No. 1 of 2018 seeking to set aside the sale made under the provisions of the SARFAESI Act. In the affidavit filed in support of the application, the official liquidator at paragraph No. 7 of the affidavi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CC 381 and Pegasus Assets Reconstruction P. Ltd. v. Haryana Concast Ltd. [2016] 194 Comp Cas 310 (SC) ; [2016] 4 SCC 47. 15. It is also not in dispute that the official liquidator representing the company in liquidation is required to challenge the irregularity or otherwise of a sale made under the SARFAESI Act, before the Debts Recovery Tribunal. Filing the appeal under section 17 of the SARFAESI Act, is no longer res integra in view of the decision of the Supreme Court and the Division Bench judgment of this court referred to supra. 16. In Pegasus Assets Reconstruction P. Ltd. v. Haryana Concast Ltd. [2016] 194 Comp Cas 310 (SC) ; [2016] 4 SCC 47, the apex court held as under (page 324 of 194 Comp Cas) : "In our considered judgment, the same view is required to be taken in context of the SARFAESI Act also, for the additional reason that section 13 requires notice to the borrower at various stages which in the case of a company under winding up being a borrower would mean requirement of notice to the official liquidator. The Security Interest (Enforcement) Rules, 2002 (for brevity 'the Rules') framed under the provisions of the SARFAESI Act also require notice upon the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atisfied with the manner in which the auction was conducted and he thought it apposite to report to the learned company judge who set aside the auction. Needless to emphasis, the official liquidator has a role under the 1956 Act. He protects the interests of the workmen and the cre ditors and, hence, his association at the time of auction and sale has been thought appropriate by this court. To put it differently, he has been conferred locus to put forth his stand in the said matters. There fore, anyone who is aggrieved by any act done by the Recovery Officer can prefer an appeal. Such a statutory mode is provided under the RDB Act, which is a special enactment. The Debts Recovery Tri bunal has the powers under the RDB Act to make an enquiry as it deems fit and confirm, modify or set aside the order made by the Recovery Officer in exercise of the powers under sections 25 to 28 (both inclusive) of the RDB Act. Thus, the auction, sale and challenge are completely codified under the RDB Act, regard being had to the special nature of the legislation . . . The language of the RDB Act, being clear, provides that any person aggrieved can prefer an appeal. The official liquidator whose as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RFAESI Act, and thereby the said plea may be treated to have been waived, and that this court may direct the official liquidator to file appeal within reasonable time. 20. Considering the facts and circumstances of the case and the respective submissions of learned counsel and the law laid down by the Supreme Court and the Division Bench of this court in the decisions cited supra, the official liquidator is directed to file appeal before the Debts Recovery Tribunal within a period of two weeks from the date of receipt of a copy of this order, and on filing of such appeal, the Tribunal shall dispose of the same in accordance with law, after giving notice and opportunity of hearing to all the parities, within a period of twelve weeks thereafter. Till the disposal of the appeal, the interim order granted by this court on May 2, 2018 shall continue. 21. The official liquidator is permitted to incur expenditure with respect to the court fee and other legal expenditure including counsel's fee, by moving appropriate application before the Tribunal. 22. Subject to above directions, C. A. Nos. 222 and 277 of 2018 and I. A. Nos. 1, 2 and 3 of 2018 in C. A. No. 222 of 2018 are disposed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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