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2016 (5) TMI 730 - HC - Companies LawWinding up - auction sale proceeded under the SARFAESI Act - Held that:- Sale of the assets of the company for realisation of the loan amount to State Bank of Patiala, Syndicate Bank and M/s. LIC Housing Finance Limited, Chennai. Company sought to be wound up has also now filed an affidavit dated 18.01.2016, undertaking that they would handover physical possession of the secured assets upon completion and confirmation of the auction sale to be proceeded under the SARFAESI Act. All the parties before this Court have consented for sale of the property by Edelweiss Asset Reconstruction Company, Mumbai under the provisions of the SARFAESI Act, and for distribution of the amounts due and payable to the abovesaid three creditors viz., State Bank of Patiala, Syndicate Bank and M/s. LIC Housing Finance Limited, Chennai. In the light of the consensus, this Court directs that Edelweiss Asset Reconstruction Company, Mumbai, the 2nd respondent, shall take measures in the manner known to law, under the provisions of the SARFAESI Act to sell the assets of the company and take steps to get the sale confirmed as expeditiously as possible. No sooner the sale is confirmed, M/s.Riverside Infrastructure (India) Private Limited, Chennai, shall handover the possession of the assets as per the affidavit of undertaking dated 18.01.2016, without demur or objections. The whole exercise has to be completed within four months from the date of receipt of a copy of this order.
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